The paper "Asian Impact on the Global Change: Implications for the Developing World" is an impressive example of a Macro & Microeconomics essay. Several Asian economies have experienced high rates of growth in the last two decades which has transformed their economies. For instance, China, India, and other emerging economies have witnessed more prosperity than ever before because their economic sectors have registered a lot of positive growth. China has managed to register economic growth at a rate of more than 10 % in more than two decades and this has uplifted the standards of living for hundreds of millions of its citizens. Their goods are able to compete favourably against products from other nations on the world stage because they are cheaper.
Many Latin American and African economies have for a long time depended on high commodity prices to drive their economic agenda. It is argued that rising incomes and high population growth will increase global demand for goods and this will have a positive effect on many global economies. This paper will discuss the implications of economic development in major Asian economies to other countries in Africa and Latin America. Discussion The developments witnessed in newly industrialized nations have both beneficial and harmful effects on economies of other developing countries.
For a long time, the impacts of the development of NIC’ s in the global economy has been mainly compared to the performance of major economies in Europe and North America. However, their impacts on other developing economies in Africa and Latin America have not been given a lot of consideration. Since Chinese and Indian economies are mainly dependent on the exportation of manufactured goods, they have increased their GDPs in the last decade.
As a result, many people in different countries are able to access low priced manufactured products. The two countries together with other nations in Asia adopted liberal economic policies that enabled them to increase their competitiveness globally.
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