South Korea
The first place among the most competitive economies of Asia goes to South Korea. It is an economically developed country with a high level of per capita income. The basis of the South Korean economy is the production of consumer goods, such as electronics, textiles, automobiles, etc. Much attention is paid to shipbuilding and steel production. The products of these industries are exported. The largest investors in the South Korean economy are the US, Japan, and the UK.
Taiwan
The second place in this ranking is held by Taiwan. The country has a dynamic capitalist economy, where the level of government control over investments and foreign trade is gradually decreasing. At the same time, privatization of some large banks and state-owned industrial enterprises is underway. Labor-intensive industries are transferred abroad and replaced by high-tech industries. Taiwan maintains close investment relationships with China, Thailand, Indonesia, the Philippines, Malaysia, and Vietnam.
Singapore
The honorable third place among the most competitive Asian economies is given to Singapore. The country has a developed market economy. Singapore is ranked as the "East Asian tigers" because of the significant jump of the economy to the level of developed countries. Here electronics, shipbuilding, and the financial services sector prevail. Stable prices are maintained in the country. Singapore's economy is recognized as one of the most open and free from corruption. The country attracts large investments in pharmaceuticals and medical production.
Hong Kong
The fourth place among the countries with high economic competitiveness is occupied by Hong Kong. The economy of the territory is based on a free market, low taxation and non-interference of the state. Hong Kong is considered an offshore territory, customs fees for imports are not charged. There is no value added tax or its equivalent in the country. In terms of GDP per capita and gross urban product, Hong Kong is the richest city in China.
Japan
The fifth place in this ranking is taken by Japan. The Japanese economy is considered one of the most developed in the world. In terms of GDP, it ranks fourth in the world after China, the United States, and India. The country has large production facilities. Several leading manufacturers of motor vehicles, electronics, machine tools, steel, ships, chemicals, textiles, and food products are based here. The service sector accounts for three-quarters of the gross domestic product of Japan.
Israel
The sixth place in the list of the most competitive Asian economies is awarded to Israel. The economy of this country is technologically developed, and the state actively participates in various sectors. Raw materials, weapons and production, rough diamonds, fuel, grain, and consumer goods are imported into Israel. The active development of advanced technologies in software, telecommunications, and natural sciences make the country an analog of Silicon Valley in the United States.
Australia
The green continent took the seventh place in this list. In the Australian economy, the service sector dominates covering about 68 percent of GDP. The mining sector accounts for 10 percent of GDP. The country's economic growth directly depends on the mining and agricultural sectors. Australia, rich in natural resources, is one of the leading exporters of agricultural products and minerals: iron ore and gold, as well as energy in the form of liquefied natural gas and coal.
New Zealand
The eighth place among the most competitive Asian economies goes to New Zealand. It is an economically developed country with a market economy. It is based on agriculture, tourism, manufacturing, and food industry. The state economy is export-focused. The main trading partners are Australia, the US, Japan, and China.
Mainland China
The ninth place in the list of the most competitive economies in Asia is held by China. In 2018, the Chinese economy occupied the first place in the world in terms of GDP calculated on the basis of purchasing power parity. At present, the country is the first global industrial superpower in terms of industrial production. It does not lag behind the rest of the world in the space and nuclear industries as well.
UAE
The United Arab Emirates (UAE) takes the last place in the top 10 countries with high economic competitiveness. The basis of the country's economy is re-export, trade, extraction and export of crude oil and gas. The volume of production of oil reaches 2.2 million barrels per day. Oil provided the rapid growth of the UAE’s economy in just a few decades. The state is actively attracting extensive foreign investment. Port Rashid and Port Jebel Ali in Dubai are considered one of the best container ports in the world. Their capacity is over 3 million container units per year.
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