An emerging market can be defined as a nation with business or social activity which it is on the process of industrialization and fast growth. The prime global economic story of the last years is the introduction and rise of emerging markets in the world economy. Emerging countries are mainly the countries which belong to the N-11. More specifically there are the MINT countries too, which belong to the N-11. MINT countries are consisted from Mexico, Indonesia, Nigeria and Turkey and they are currently the most promising emerging countries in the world.
Rapid Economic Growth In East Asian Countries Over the past decade, there has been rapid long-term economic growth for East Asian countries. These newly industrialising countries are experiencing growth rates in GDP per head at around 6% to 7% compared to the 2% to 3% for most industrial economies. If this growth continues, South Korea and Taiwan might take away America's distinction as the world's richest country. This rapid economic growth is a result of several economic and political factors. The pace of economic development, growth in world trade and communications, and the investment in physical capital and education have all played a role in the sudden rise of the East Asian economies.
As compared to the first half of 2013, economic conditions are already better since growth increased with an average of 3.7 percent in the second half of 2013. Consequently, expectations of increased economic growth in the United States are rising as people believe that this will be the best year since the tribulations of 2008 global recession. Generally, America’s GDP growth will become stronger in 2014 averaging at least 2.7 percent becaus... ... middle of paper ... ... the same. The Federal Open Market Committee should base its employment policy on outlook for the level of employment or unemployment through substantial improvement in labor market outlook. In conclusion, the current macroeconomic situation in the United States is characterized by moderate growth because of better economic conditions that were brought by the events of 2013.
In the last four decades, the Republic of South Korea has accomplished a high level of economic growth and global integration to develop into a high tech industrialized market. This economic growth has permitted the nation’s rise from the results of the Korean War and into the ranks of the Organization for Cooperation and Development (OECD). In today’s world South Korea is consider the world’s 12th largest economy and the United States 7th largest trading partner. In the next few paragraphs, I’ll discuss several of South Korea’s capabilities, opportunities, requirements and vulnerabilities that allowed for the countries rapid economic growth. The principle that spurred the rapid industrialization growth and development was the emphasis in the industrial sector and the implementation of an external strategy in the early 1960’s.
Excitement in foreign investment like this can greatly help those foreign economies and therefore help the world economy. However, the extent and speed at which money was invested in these countries in the 1980s was far greater than anyone could have imagined. The already growing countries grew even more with the investment being supplied by outsiders. Until the crisis, Asia had attracted almost 50% of the total capital investment in developing nations in the world—almost $100 billion in 1996 alone. This foreign money financed power plants, skyscrapers, airports, and a quickly growing export economy.
China stands out for the explosive growth in its industrial segment, which in turn was fueled by China’s willingness to act more quickly and aggressively to lower its trade barriers and to draw foreign investment. In contrast, Ind... ... middle of paper ... ...kets. Their economic systems subdued growth and left both countries in poverty. In 1980, per capita income stood at $556 in China and $917 in India (Department of State, 2010). To boost their economies, China and India shifted strategies, letting private enterprise prosper and opening markets to foreign trade and investment.
China has become a global manufacturing center. China has also become the world’s largest manufacturing economy and largest export economy in the world. China has the world’s fastest growing consumer market. The increase in manufacturing has created a huge impact on China’s economy, but some people debate that the social cost outweigh the social benefits. Although this industrial development has caused many environmental and social issues, it has allowed the Chinese economy to increase , making China one of the biggest super power with the second largest economy.
Their economy has grown an astonishing 9-10% over the past thirty years; almost double of what it used to be decades ago. China is also the “world’s greatest manufacturer and its greatest market” (Rachman). The continuing growth of China's economy is a source of concern for not only the U.S. but surrounding nations as well. One could argue that the U.S. need not worry about China’s growth because of the spread of globalization and that western ideologies would influence China to turn to democracy. Yet China has still managed to “incorporate censorship and one party rule with continuing economic success” (Rachman) and remains a communist country.
The combination of China's massive size and rapid modernization is creating the framework for an emerging superpower. China's growing economy is not only gaining international prestige, but its confidence has soared as it continues to be the world's fastest growing economy for the past three decades. "China's rise as a manufacturing base is going to have the same kind of impact on the world that the industrialization of the U.S. had, perhaps even bigger," stated Andy Xie, a Hong-Kong based economist with Morgan Stanley. It is particularly important to note both the causes and the impact of the emergence of China as a superpower. Although, in order for the impact to be assessed, the underlying causes must be analyzed first.
If they continue to grow at the rate China grows, and keep improving their economy, and join the likes of Japan, they can combine forces in all aspects against the west, military wise and economically wise. if China's economy grows as fast for the next twenty years like it has for the past fourteen, it will be the biggest economy on earth.