ASIA & THE MIDDLE EAST
Asia
Asia comprises no less than 46 nations and a population of 4.2 billion, making it one of the largest areas geographically in the world economy. This is now one of the world’s fastest growing regions economically. China has become the largest individual economy in the continent and now sits at number two in the world rankings. However, it should be noted that there are vast differences between the various states. China, Japan, Russia and India are the largest economies but there are also plenty of smaller states that have poorly developed infrastructure and exhibit comparatively small output.
Minerals and metals are one of the main industries in Asia. Russia, in particular, is rich in zinc, gold, iron and lead, among others. Agricultural produce is also a key player. Rice is a staple product and
is produced throughout the region, particularly in countries such as China, Vietnam, India and Cambodia. Wheat is another product that has been boosted the region’s economy.
Countries such as China, Taiwan, Japan and South Korea are also strong in manufacturing. Many of the electrical goods, toys and cars that are sold in the west originated in Asia and many people will recognise names such as Samsung, Toyota, Honda, Hyundai and Toshiba – all companies based in Asia. It is also common for companies based in Europe to make use of reduced labour costs and other overheads in Asia. Clothing manufacturers in particular are known for moving production to the other side of the world and this will continue for as long as costs are low there.
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