Question

How do the economies of East Asia affect economies around the world? Use specific examples.

Answer 1

Answer:

Most underdeveloped and developing countries are now looking towards East Asia for economic success plan and policy.

Explanation:

With the rise in East Asia economies in the last few decades, East Asia economies has affected economies around the world in various ways. The chief among which is that Alternative Beijing Consensus or East Asian model are now increasingly being considered by leaders of many emerging markets as the benchmark for economic success. For example: Both Kenya's 2030 long-term development plan and Ethiopia's growth and transformation plan, was based heavily on similar concepts in Malaysia and Singapore.

Another effect, is that, developing countries now have the options to pick between an ever-growing variety of donors, trading partners, investors and development strategies, unlike before when Western Aid is the only option available.