Asia, is another large continent in the world with the rising and fast-growing economy power. One of the sectors that spurs the economic growth in Asia is the agricultural sector, where power facilities, trained labour, modern transport, and access to raw materials are well-developed. Countries like Japan, China, South Korea, Taiwan are very reputable for their industrialization. Among them, China and India are making the main strides in the development.
As the continents that home a 4.4 billion people (around 60 % of world’s population), Asia is the fastest growing economic region and the largest continental economy by GDP PPP in the world. Asia has poised the tremendous economic growth in the past few years where the growth is expected to remain strong at 5.3 percent this year and next, accounting for almost two-thirds of global growth.
However, Asia remains the engine of global growth despite a slight moderation, according to the IMF’s (International Monetary Fund) latest Regional Economic Outlook for Asia and the Pacific. While external demand remains sluggish, domestic demand continues to show resilience across most of the region [in Asia], driven by low unemployment, growth in disposable income, lower commodities prices, and macroeconomic stimulus.
The rise of the Asian market especially investment in the territory, is exceptionally dynamic and competitive. With nine of the 10 fastest growing mega-cities in the world are in Asia and 63% of the world’s 440 fastest emerging cities are in this region, Asia has been resilient through the global financial crisis and has experienced consistent average annual GDP growth rates.