Question

What kind of economy does each country in East Asia and Southeast Asia have?

Answer 1

Answer:

The economy is a free-market, capitalist economy, similar to that of most Western countries.

Answer 2

Answer:

While the economies of most Asian countries can be characterized as developing, there is enormous variation among them. The continent contains one of the world’s most economically developed countries, Japan, and several that are impoverished, such as Afghanistan, Cambodia, and Nepal. This variation has a regional dimension. Most of the countries of Southwest Asia fall within one of the middle-income categories as defined by the World Bank. Exceptions are Israel and the Persian Gulf states of Kuwait, Qatar, and the United Arab Emirates, which are considered high-income. Most of the countries of North and Central Asia fall within the low-income category, except Russia (Siberia), Kazakhstan, and Uzbekistan, all considered lower-middle-income. Likewise, all the countries of South Asia are considered low-income, apart from lower-middle-income Sri Lanka. Except for China and North Korea, which are considered low-income, East Asia is the most prosperous part of the continent. Most countries in this region are considered upper-middle-income, and Japan is considered high-income. China, which has experienced dramatic rates of economic growth since the late 20th century, may be poised to achieve lower-middle-income status. Many of the countries of Southeast Asia have likewise achieved high rates of growth and have moved into one of the middle-income categories or even, in the case of Singapore and Brunei, into the high-income category. Exceptions are Myanmar (Burma), Laos, Cambodia, and Vietnam, which remain within the low-income group.