The paper "The Potential Challenges and Opportunities that the Asia Century Offers Australian Society" is a good example of a business case study. This essay is exploring the potential opportunities and the challenges that Asia century offers to Australian society. Asia has become a powerhouse in the current contemporary economic world as it has closed the economic gap that has been existing between the country and the rest of the world. The increased economic growth experienced in Australia can be attributed to the economic miracle in Asia where around 50% of the Australian exports are finding their way in Asia (Hare, 2004).
The increased engagement between Australia and Asia can be associated with both opportunities and challenges. As per the economy which is networked and also competition, it meant that Australia is linked to Asia regarding business and domestic life. The advancement in technology is doing away with the national borders and is, therefore, making it much simple for the people of Asia to pass information to each and to the Australians too. However, as the economic importance of Asia grows there is a need for balancing the political, and the strategic relations that exist between the regions and globally (Australia, 2014).
As discovered by the task force, the property of Australia is usually connected to its engagement in the integration with Asia. The essay provides discussions concerning the ongoing prosperity associated with the Asian century, the potential opportunities and the challenges that the Asian century offered to the Australian society. The Asian Century economic prosperity The Asian continent is a home which contributes around 60 percent of the total population in the world, and also this country almost occupies around thirty percent of the total landmass of the world.
Both China and India are still found in the continent of Asia whereby they are the nations which are the most popular and also they have faster growth regarding the economy in the whole world. Moreover, Asia usually plays a very significant role in the contribution of the global economy. In accordance with the World Bank, the country of China may end up becoming the biggest contributor to the economy of the world in the future between the year of 2020 and the year of 2030 (Landy and Conte, 2016).
However, some of the banks have predicted that the share of the global domestic product of the Asian continent may reach around 50 percent by sometime in the year of 2050. This economic prosperity in the countries of China and India are usually linked with other various developments such as the emergence of the middle class. The continent of Asia is predicted to contribute around 2.5 billion individuals to the middle class in the World for the next twenty years (Hare, 2004).
Despite the decrease regarding the economy of the US and Europe, the continent of Asia is expected to maintain its rapid growth regarding the economy for the next years to come. Moreover, the forecast concerning the economy of Asia in the next coming years equalizes these strong various growth patterns with the necessity to tackle the wide range of constraints which includes the openness to trade and competition, shortage of skills, demographic changes, social cohesion as well as the stability concerning the political environment (Fitzgerald, 2007).
The growth patterns are usually connected closely with the advancement of the communication technologies and also the migration of the rural populations to the urban areas. Some of the opportunities that the Asian century do offer to the Australian society can include converging media markets, broadcasting, digital platforms among other opportunities such as increased demand for the Australian exports in the Asian region.
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