Asia Pacific

Asia Pacific

Asia-Pacific (excluding the Middle East) is the most populous region. In 2018, it had over 3.98bn people spread over 47 countries. It had the largest total GDP of the regions in 2018 at 28.8 trillion USD. Average GDP per capita was 13,454 USD. Total exports were 8 trillion USD. Civilisation began in China around 8,000 BC. By around 2200 BC, the first imperial dynasty had begun: the Xia. The last dynasty ended in 1912. The Chinese empire gained great wealth and spread its influence through trade that reached across the continent via the Silk Roads to the Middle East and Europe beginning around 200 BC. Meanwhile in India, civilisation began in the Indus valley around 2300 BC. In the 4th century, Buddhism began to spread to East Asia and had reached Japan and South East Asia by the 6th century. In the 7th century Islam emerged, and quickly spread to Central Asia, northern India, and Western Asia along the Silk Road. Arab traders also helped spread Islam throughout South East Asia. Between the 13th and 15th centuries, the Mongols invaded China, central Asia, and northern India. Divine Winds prevented Kublai Khan’s invasion of Japan. In the 16th century, Portuguese traders arrived in India, East Asia, and South East Asia and built a commercial empire. The Dutch quickly superseded them in South East Asia. Britain, France and Spain also realised colonial ambitions in the region. Britain took control in India and defeated China in the Opium Wars, gaining Hong Kong as a result. It also discovered and settled Australia and New Zealand in the 18th century. France gained control of Indochina and settled several Pacific islands. In 1853, Commodore Perry forced Japan out of isolation. The Meiji restoration industrialised Japan and brought it to the status of a world power with the defeat of the Russians in 1905. Imperial Japan extended into the Korean Peninsula and Manchuria. After WW2 they invaded South East Asia and the Pacific. After WW2, Japan again led the way with the Japanese economic miracle, which was quickly replicated by South Korea, Taiwan, and other Asian nations. Also, after WW2, the last vestiges of colonialism were eventually swept away as the nations of Asia gained independence. China became communist in 1949. By the 1970s, China slowly liberalised their economy. It has now overtaken Japan to become the second largest economy in the world and is likely to overtake the US soon. Its Belt and Road initiative was announced in 2013. It has increased Chinese influence throughout Asia and beyond. In 1967, the Association of South East Asian Nations (ASEAN) was formed as the countries sought to build stronger political and economic relationships. In 1989, the Asia-Pacific Economic Cooperation (APEC) forum was founded. By 2018, this had led to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) free trade agreement. The 11 signatories are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The Regional Comprehensive Economic Partnership (RCEP) free trade agreement is expected to be signed in 2020. In addition to the Asian and Pacific countries from the CPTPP it also includes China, Cambodia, India (to be determined), Indonesia, Laos, Myanmar, Philippines, South Korea and Thailand.

Technology Giants and the Emerging Disruptors: Asia Pacific’s Powerhouse

The region is now regarded as the global epicentre of innovation. The Asia Pacific region, home to both established tech giants and a new insurge of start-ups, is experiencing a

Asia Pacific’s Innovation Boom: Technological Titans are Emerging

Go east, young entrepreneur… The Asia Pacific region is a driving force in global innovation. Comprising a mix of established tech powerhouses and rapidly expanding economies, it is shaping the

Exploring India’s Rapid Economic Growth

The government’s efforts on labour, tax, and financial inclusion have hastened the country’s economic recovery.  India’s economic growth has emerged as a defining story of victory in the past decade.

Continued Improvement and Resilience – The Path to Banking Success and a Strong Reputation

Dedication to strong governance and a philosophy of community support have stood Afghanistan International Bank (AIB) in good stead – and resulted in recognition in the form of awards. Since
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Samarkand: History, Culture, and the Jewel of the ‘New Uzbekistan’

CFI.co in conversation with Uzbekistan entrepreneur and philanthropist Bakhtiyor Fazilov, who sees rich promise in tourism. A fresh and progressive government, led by President Shavkat Mirziyoyev, is forging ahead with

Asian Development Bank: Pathways to Transform Food Systems in Asia-Pacific Region

In the Asia and Pacific region, where the highest number of people face acute food insecurity, rice prices soared by more than 40 percent last year – against a global

Investing in a Future that has Never Seemed Brighter — a True Pioneer Bank in Mongolia

Staying true to its values and aims has taken Golomt Bank to enviable heights.  Golomt Bank was established on 1995 as one of the first commercial banks in Mongolia, with

China’s Economic Growth is On-Target Despite Challenges

The IMF World Economic Outlook recently released a projection of China’s economic growth of 4.6 percent and 4.1 percent for this year and next. In 2023, after the economic reopening
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Otaviano Canuto: The Global War of Subsidies

US bids to limit tech imports and exports send a message of frustration and fear. Prior to her visit to China on April 4 — her second in nine months

Mitsuko Tottori: Flying High at Japan Airlines

Mitsuko Tottori, a name synonymous with resilience, dedication, and a groundbreaking ascent in the aviation industry, has become the first female CEO of Japan Airlines (JAL). Her appointment in April

A Simple Man with a Simple Plan: Saving the World Via Commitment to a Greener, Cleaner, Future…

The head of Thai group Bangchak, Chaiwat Kovavisarach, speaks to CFI.co about his vision for the future of clean energy As the Bangchak Group marks its 40th anniversary in 2024,

Asian Development Bank: Three Actions Governments Can Take to Help to Tackle Climate Adaptation

Impacts of climate change are causing significant economic and social challenges, and there is an urgent need for good fiscal policy to prepare adaptation strategies. Climate-related disasters in Asia and
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