The global spotlight is on the impressive developments in the Asia-Pacific Region. Reports show significant regional growth in the last decade.
This all happened despite the occurrence of natural disasters, existing longstanding rifts among neighboring nations, and political turmoil in some countries.
According to the Legatum Prosperity Index of 2018, one of the strong indicators of prosperity within the region is the development shown by former low performing countries such as Bangladesh and Pakistan. Both nations have shown improvements in living standards and trade power.
Steadily Developing Countries
In addition to those, there are nations that have been steadily rising over the last 10 years as well. You have Indonesia, Malaysia, and the Philippines — all developing countries that have performed strongly in the Business Environment and Economic Quality, as well as Personal Freedom pillars.
The Philippines, for instance, has moved up the prosperity rankings by 11 places since Legatum launched the Prosperity Index in 2007. It also has performed exceptionally in terms of the Natural Environment and Social Capital pillars. With regard to the leap Philippines made in the Natural Environment pillar, the rehabilitation of Boracay and the effective clean-up of Manila Bay are definite contributors.
Reliable Top Performers
China, India, Japan, South Korea, and Singapore are pulling in powerfully for the region as well. China, being the largest economy in the world, has managed to pull a considerable percentage of its population out of poverty. Ditto with India, which complements its growing economy with much stronger, and more stable governance.
Meanwhile, Japan is within the top 20 in pillar rankings for Economic Quality, Business Environment, Governance, Education, Health, Safety and Security, and Social Capital. Despite economic setbacks and natural disaster threats, Japan remains resilient and optimistic.
Japan’s startup scene is thriving and there’s a positive shift in professional options. Over the last several years, a considerable percentage of established professionals from urban locations have shifted to the agricultural industry and found success there.
As for South Korea, it ranks 35 in the Prosperity Index, showing impressive performance in Economic Quality, Education, and Health. One of the most important variables behind South Korea’s high ranking is it keeps a tight leash on public debt. In fact, the International Monetary Fund is even encouraging the South Korean government to consider expansionary fiscal properties.
The small nation of Singapore ranks 21st in terms of prosperity. One of the leading factors behind it is the strong startup scene for young entrepreneurs. The government and various organizations are offering financing programs to help young entrepreneurs out of university fund their quick entry into the business market.
More Developments Await
There are a few countries that still have a long way to go. However, with the global community stepping in to lend a helping hand, these nations are expected to rise in the ranks as well.
It is worth noting, too, that a united front against terrorism and environmental preservation and protection are projected to boost the trend of improved living and attractive business environment in the region.
The impressive performance of the Asia-Pacific region is the result of a turbulent history and people’s resolve to rise above the challenges and hardships experienced in the past. This resolve is like an unquenchable thirst that manifests through the strong moral traditions families and schools are fighting to preserve.
The strong recognition of the importance of technology is a vital component as well. Countries’ economic agendas ensure the provision of life convenience sources such as running water, electricity, Internet access, and transportation.
The combination of all these variables creates abundant opportunities, and prime the region for prosperity, which is inviting for investors from different parts of the globe. Only time will tell how long this positive trajectory will last for the Asia-Pacific. At the moment, however, it is something to revel in and utilize to great advantage.