20120430 Follow Me 353 Asian economic rankings

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Asian economic rankings


THE Tokyo Sky Tree, a broadcasting and observation tower that will officially open on May 22nd, is 634 metres high (2,080 feet), making it the tallest building in Asia. Is this Japan’s last bid to stay on top? For years, Japan was Asia’s richest and most powerful economy. It was the first Asian economy to industrialise, and the emerging Asian tigers—Hong Kong, Singapore, South Korea, Taiwan and later China—merely followed in its tracks. Now, however, Japan is steadily being overtaken.

China’s economy is now bigger than Japan’s, but less noticed is the fact that Asia’s so-called newly industrialised economies (NIEs) are, one by one, becoming richer than Japan. Most economists reckon that the best way to compare living standards is to take GDP per person measured at purchasing-power parity (PPP), which adjusts for differences in the cost of living in each country. On this gauge, Japan was overtaken by Singapore in 1993, by Hong Kong in 1997 and by Taiwan in 2010. But the most humbling re-ranking will be when South Korea becomes richer than Japan. The latest forecasts from the IMF suggest that this could happen within five years (see chart). That would be a remarkable turnabout. In 1980 South Korea’s GDP per person was barely a quarter the level of Japan’s.

Calculated at market exchange rates, Japan’s per-head income is still higher than all the NIEs except Singapore. Yet Japan’s high prices, especially for housing and food, bring down the country’s true standard of living. PPPs are tricky to calculate and economists come up with different numbers, so the IMF’s figures are contentious. Some other yardsticks, such as car-ownership rates, still suggest that Japan has a comfortable lead over South Korea. But the trend is clear: the tigers are outpacing their teacher.


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关键词：rankings Economic Ranking follow econom 22nd emerging building economic

I agree that Japan was Asia’s richest and most powerful economy, since it has many monopolistic high-tech products.

Actually, Singapore's economy is robust than other countries and South Korea's economy is put into a steady way of development.

From the paragragh, we can learn that Singapore's GDP per person(PPP) ranks first now.

mu_lianzheng 发表于 2012-4-30 10:05
From the paragragh, we can learn that Singapore's GDP per person(PPP) ranks first now.

Yes, we felel very sorrowful to Person's GDP for person in China when we see Singapore's GDP per person. Although, China's total  GDP is bigger than many countries.

As people can feel in the past twenty years, China developed in a high GDP increment speed. But Prime minister Wen announced that in 2012 the GDP increment speed should be 7.5% means the economics development in China will slow down while the India is still increasing.

For Japan, GNP might be more to show the wealth than GDP. Whereas, China has a lot of FDI, but has less investment abroad.

Sometimes I think the number of GDP is a little confusing. Japan is a defeated country in world war II, which means it must build up the new industry on ruins. Besides, it has to bear lots of war indemnities. How could it be so strong just after the war while now it is regressing compared to other neighbor countries?
After all, I think Japan's economy is much robust, as it owns many high sci-tech products and is well-industralized with many manufacturing companies. Other Asian regions, although may be wealthy, sound much more like places full of entertainments and are prosprous in financial market.

whachel1976 发表于 2012-4-30 17:18
Sometimes I think the number of GDP is a little confusing. Japan is a defeated country in world war  ...

After disasters, like war or tsunami, GDP always surges. It is famous "broken window theory" as peopel have to invest more (by government or individual). Actually, based on growth theory, the GDP growth rate always converges to a stable level, if no exploding tech comes out like internet industry.

I agree with you that Japan well established its economy on high tech, but Korea and Taiwan also do. They are the same. Had you place close scrutiny into the graph above, you may conclude that Taiwan, Korea and Japan are in the same category; while Singapore and Hong Kong must be another eastern Asia miracle.

Singapore and Hong Kong are ports, economically speaking, not a full-fledged nation to sustain all government functions like inequality mitigation, military service supply and disaster prevention. Their growth mechanism should be specific and not so general as Japan's is.