Today, if the economic conditions of various countries is compared then it can easily be assumed that America is one of those regions in the world that has the strongest economic condition prevailing at the moment and from past decades. After America, comes the European region has been very prosperous from many years and has really progressed to compete with the leading economies. Since formation of European Union, it has been proved that Europe alone can compete strongly with American markets (Blake, 2009). The reason behind this statement is that European Union consists of all the major economic giants like France, Germany and Italy and due to which the European Union has started taking control of major economic forums and has been giving tough time to America and China in economic war.
Hence American and European regions are considered fully developed economies where as the region of Asia has been termed as developing economies as the Asian nations are still progressing well enough to compete with strong economies of the world.
With China, Singapore, Malaysia, Korea and Hong Kong being the big names in the Asian region who are still developing their economies, it is strongly predicted that these nations will be coming strongly in coming few years to compete with American and European economies resulting in to economic war between nations (Adam, 2008).
Giving a deeper look into Asian Economies, China is the one country that has really come up from nowhere to become a market leader in most of the segments. Singapore on the other hand has become the Financial Hub in Asian region with massive trading activities being done over there. With world largest and busiest port in Singapore, the country has gained rapid economic progress since its independence from Malaysia in year 1965 (Craig, 2007).
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