Write a report about how Hong Kong's, Japan's and South Korea's major industries are progressing
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Answer:
East Asia is home to some of the world’s most prosperous economies while Southeast Asia witnesses the growth of some of the world’s fastest growing emerging economies, with favorable political-legal environments for industry and commerce, abundant natural resources, and adaptable labor determined to be the main factors of the success.The changes that turned the area into the economic power began with the Meiji Restoration in the late 19th century, when Japan rapidly transformed into the only industrial power outside Europe and the United States. Japan’s early industrial economy reached its height during World War II and its eventual defeat in the war slowed down economic development for a relatively short period of time. Japan’s economy recovered already in the 1950s and by the 1980s, the country was the world’s second largest economy.East Asia is home of some of the world’s largest and most prosperous economies, including Mainland China, Hong Kong, Macau, Taiwan, Japan, and South Korea. Major growth factors have ranged from favorable political and legal environments for industry and commerce, through abundant natural resources, to plentiful supplies of relatively low-cost, skilled, and adaptable labor. Local populations have rapidly adjusted to the requirements of new technologies and scientific discoveries while also demonstrating exceptional work ethics. The region’s economic success has led the World Bank to dub it an East AsianJapan
In the three decades of economic development following 1960, Japan ignored defense spending in favor of economic growth, thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle. With average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish and maintain itself as the world’s second largest economy from 1978 until 2010, when it was surpassed by the People’s Republic of China.