The economy of East Asia comprises more than 1.6 billion people (22% of the world population) living in 6 different countries and regions. It is home to one of the most economically dynamic places in the world.[5] The region is the site to some of the world's longest modern economic booms, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, the Taiwan miracle in Taiwan (1960–1996) and the economic boom (1978–2015) in Mainland China. The region is home of some of the world's largest and most prosperous economies: Japan, South Korea, Mainland China, Taiwan, Hong Kong, and Macau.[6][7] As East Asia's economic prominence has grown, so has its importance and influence in the world economy.[8][9] It has emerged as an increasingly prominent region in the Asian continent and in the global economy and international politics as a whole.[9] East Asia now boasts an expanding cosmopolitan middle class, where its members are linked to the global communications grid that are identifying with its Western counterparts across the world making it a significant force to be reckoned with in the global economy.[10] The region's economic success has led to it being dubbed "An East Asian Renaissance" by the World Bank in 2007.[11]
At the turn of the twentieth century, two of the five world's largest economies were in East Asia, with Mainland China and Japan both being the second and third largest respectively.[12] Since the middle of the twentieth century, capitalism has blended tremendously well with the Confucian nature of Oriental East Asia.[13] In defiance of an array of sociopolitical challenges has the East Asian economies turned into a modern economic miracle. Sustained efforts of veering East Asia into a capitalist direction has created remarkable outcomes in terms of resilience, dynamism, growth, and economic prosperity.[13] Even as late as the mid-twentieth century, East Asia remained nonindustrial, poverty-stricken, and torn by the ravages of World War II. Since the 1960s, Japan, South Korea, Taiwan, Hong Kong, Macau, and Mainland China have all achieved a modern economic takeoff leaving the economic rise of modern East Asia to become one of most important economic success stories in modern world history.[14][15] In spite of decades of setbacks and turmoil, East Asia is now one of the most economically prosperous and technologically advanced regions in the world.[16]
Driven by rapid modernization and specialization in advanced cutting edge high technology has allowed the East Asia to register high economic growth with the region being home to among some the most affluent nations with highest standards of living across the world. Japan was the first to rise from the ashes of World War II, rapidly re-modernizing itself during the 1950s and early 1960s and eventually dominating the global marketplaces with its innovative automobiles and advanced consumer electronics while securing its position as the world's third-largest economy after the United States and Mainland China.[17] The rise of the East Asian Tigers, which includes South Korea, Taiwan and Hong Kong, all overcame the ravages of war and poverty to achieve unprecedented impressive growth rates during the 1970s-1980s, placing themselves among the world's richest and dynamic economies. Mainland China's integration into the world economy through its entry into the World Trade Organization in 2001 has made the country a major driving force in the economy of East Asia propelling itself as a major player in the world economy.[18] In addition, South Korea and Taiwan are among the world leaders in manufacturing consumer technology, while Hong Kong remains a leading major financial center in the world. hope this helps want brainliest.
