ChAPTER 9: THE FUTURE OF ASIA

Introduction Some may view Asia as a homogenous entity, i.e. the way some Asians might view Europe or Africa. In actual fact, Asia (as well as these other continents) are highly diverse in terms of culture, economy, and religion and possess a character unique to each nation.

Economic Development All Asian nations have the same objective: to advance themselves both socially and economically for the betterment of their people. This fact is especially obvious given that Asia has managed to increase its per capita salary by six times in the last decade or so. In 2010. Asia contributed 27% of the world’s GDP and are expected to contribute approximately 51% by 2050.

Kashmir Today Asia’s economic success may be attributed to the high savings rate. Asians are more likely to set aside a portion of their salary to save, buy bonds, insurance, or to invest. These billions in savings may then be utilized by their respective governments to further develop the economy. It also allows Asian countries like China, Japan, and S. Korea to give loans to the US and Europe.

The Rise of the Middle Class The middle class refers to individuals whose salaries are lower than the upper class but higher than the working class. In the US, the middle class are often known as white collar workers and the working class are known as blue collar workers.

Definitions The Boston Consulting Group (BCG) defines middle class as individuals with a monthly salary of more than RM2,500/month. The Asian Development Bank (ADB) defines it as someone who spends more than RM6-20 a day.

Figures In 1990, 21% of Asians were middle class. China has a middle class of 250 – 300 million people India has a middle class of 160 million people Indonesia has a middle class of 50 million people

Urbanization Urbanization refers to the migration of individuals from rural areas to more urban areas. In 2010, 41% of Asians (or 1.64 billion people) inhabited urban areas and this figure is expected to rise to 64% (3.34 billion) in 2050.

Urbanization Figures In South Asia, up to 30% of the population inhabit urbanized areas and this figure is expected to rise to 55% in 2050. In East Asia, this figure is expected to rise to 74% in 2050.

Impact of Urbanization Vast urbanization has led to a state of population density in many major Asian cities. The influx of people has led to the creation of illegal housing, traffic congestion, and a much higher crime rate.

The Future Will Israel ever acknowledge Palestine’s status as an independent and sovereign nation? Will India and Pakistan manage to resolve the Kashmiri conflict and the issue of who should govern the area? Will South Korea and North Korea manage to adhere to their respective ideologies without resorting to threats?