SE ASIAN, AUSTRALIAN, NEW ZEALAND, & OCEANIA ECONOMICS

SE ASIA Countries in SE Asia swing from very rich (Brunei) to very poor (Myanmar). SE Asian economies had been dominated in the past by colonial powers (Britain, France, The Netherlands). Plantation farming was dominate. The region went through a major period of economic growth during the 1980s & 1990s. The boom was due to the region’s location, inexpensive labor, and increased foreign investment.

SE Asia continued Agriculture is still the most important economic activity (rice). Rubber, palm oil, & logging (teak & ebony trees) are all important. The Indonesia island of Java is known for its coffee production. Oil, tin, & iron are all important minerals.

SE Asia continued Modern economic progress Indonesia, Malaysia, & Vietnam are all seen as emerging markets. Many foreign companies have come to these countries and built factories to produce clothing, electronics, & chemicals. ASEAN was established in the 1960s to promote stability and economic growth through trade between member states. The city-state/country of Singapore is known as a free port because: deep harbor Centralized location to shipping lanes No import taxes or costs to store & reshipped goods

Australia & New Zealand Australia has a very diverse economy Mining (opal, iron, copper, coal, and uranium) Farming (wheat, barley, sugarcane) Animals (cattle, sheep, & poultry) Mining is difficult & expensive in Australia for many reasons Distance from port cities Distance from other countries Lack of extensive transportation systems (notably roads & railroads)

Australia & New Zealand continued New Zealand’s main industries include Food processing Textiles (cloth & clothes) Mining Tourism Agricultural products Sheep ranching (There are 25 sheep for every person in New Zealand!) Dairy products

Australia & New Zealand continued Australia and New Zealand are each other’s largest trading partners. Even though both countries export many products, many manufactured goods in each country are produced to satisfy their needs to rely less on imported goods that are wildly expensive because of distance from place such as the United States & Europe. Asian countries such as Japan, South Korea, & China trade a lot with Australia and New Zealand.

Oceania The economies of most of the Pacific Islands are very weak for many reasons: Traditional economic systems Few resources Little farmland Lack of labor Little industrialization Lack of transportation and communication systems Challenging environments and biomes

Oceania continued Many resources and farming are controlled by foreign countries and companies because of their status as protectorate states or trust territories. Many inhabitants of Pacific Islands emigrate to Australia, New Zealand, & SE Asia because Lack of job opportunities Lack of health care Lack of educational opportunities.

Oceania continued The economic future of the Pacific Islands is improving. More of the island countries are being given full control of their resources and farmland. World organizations and countries are stepping in to help provide health care & educational opportunities to stem the tide of immigrant populations. Air travel, cell phone service, & the internet are all improving economic opportunities in Pacific Island countries. Many countries such as Fiji, Bora Bora, & Tahiti have embraced tourism as its primary source of income.