World-Geography24

In terms of gross domestic product (PPP), the largest national economy within Asia is that of the People’s Republic of China. In the late 1990s and early 2000s, the economies of China and India have been growing rapidly, both with an average annual growth rate of more than 7%. China has the world’s second-largest economy after the United States, followed by Japan and India.

However, in terms of exchange rates (nominal GDP), Japan has the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1986 and Germany in 1968. (NB: A number of supernational economies are larger, such as the EU, NAFTA or APEC). Economic growth in Asia since World War II to the 1990s had been concentrated in few countries of the Pacific Rim, and has spread more recently to other regions.

In the late 1980s and early 1990s, Japan’s economy was almost as large as that of the rest of the continent combined. In 1995, Japan’s economy nearly equalled that of the USA to tie the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen. But since then, Japan’s currency has corrected and China has grown to be the second-largest Asian economy, followed by India, in terms of exchange rates. It is expected that China will surpass Japan in currency terms to have the largest nominal GDP in Asia within a decade or two.

Trade blocs:
Asia-Pacific Economic Cooperation
Asia-Europe Economic Meeting
Association of Southeast Asian Nations
Closer Economic Partnership Arrangement
Commonwealth of Independent States
South Asian Association for Regional Cooperation

Natural resources
Asia is the largest continent in the world by a considerable margin, and it is rich in natural resources, such as petroleum and iron.

High productivity in agriculture, especially of rice, allows high population density of countries in the warm and humid area. Other main agricultural products include wheat and chicken.

Forestry is extensive throughout Asia, except in Southwest and Central Asia. Fishing is a major source of food in Asia, particularly in Japan.

Manufacturing
Manufacturing in Asia has traditionally been strongest in East and Southeast Asia, particularly in mainland China, Taiwan, Japan, South Korea and Singapore. The industry varies from manufacturing cheap goods such as toys to high-tech products such as computers and cars. Many companies from Europe, North America, and Japan have significant operations in Asia’s developing countries to take advantage of its abundant supply of cheap labour.

One of the major employers in manufacturing in Asia is the textile industry. Much of the world’s supply of clothing and footwear now originates in Southeast Asia.

Financial and other services
Asia has three main financial centres: in Hong Kong, Singapore and Tokyo. Call centres and business process outsourcing (BPOs) are becoming major employers in India and the Philippines, due to the availability of a large pool of highly skilled English speaking workforce. The rise of the business process outsourcing industry has seen the rise of India and China as other financial centres.

The word Asia entered English, via Latin, from Ancient Greek Ασία (Asia; see also List of traditional Greek place names). This name is first attested in Herodotus (about 440 BC), where it refers to Asia Minor; or, for the purposes of describing the Persian Wars, to the Persian Empire, in contrast to Greece and Egypt. Herodotus comments that he is puzzled as to why three women’s names are used to describe one land mass (Europa, Asia and Libya, referring to Africa), stating that most Greeks assumed that Asia was named after the wife of Prometheus but that the Lydians say it was named after Asias, son of Cotys who passed the name on to a tribe in Sardis.

Even before Herodotus, Homer knew of a Trojan ally named Asios, son of Hyrtacus, a ruler over several towns, and elsewhere he describes a marsh as ασιος (Iliad 2, 461). The Greek term may be derived from Assuwa, a 14th century BC confederation of states in Western Anatolia. Hittite assu- = “good” is probably an element in that name.

Alternatively, the ultimate etymology of the term may be from the Akkadian word (w)aṣû(m), which means “to go out” or “to ascend”, referring to the direction of the sun at sunrise in the Middle East, and also likely connected with the Phoenician word asa meaning east. This may be contrasted to a similar etymology proposed for Europe, as being from Semitic erēbu “to enter” or “set” (of the sun). However, this etymology is considered doubtful, because it does not explain how the term “Asia” first came to be associated with Anatolia, which is west of the Semitic-speaking areas, unless they refer to the viewpoint of a Phoenician sailor sailing through the straits between the Mediterranean Sea and the Black Sea.

Asia is the largest and most populous continent or region, depending on the definition. It covers 8.6% of the Earth’s total surface area, or 29.4% of its land area, and it contains more than 60% of the world’s human population.

Asia is traditionally defined as part of the landmass of Africa-Eurasia – with the western portion of the latter occupied by Europe – lying east of the Suez Canal, east of the Ural Mountains, and south of the Caucasus Mountains and the Caspian and Black Seas.