How have the structural transformation that the Asian countries undertook after the Asian financial crisis in areas of the role of state, business, labour relations and regional integration contributed to Asia’s growth

Assignment Task:

“Asia is in the midst of a truly historic transformation. If it continues to grow on its recent trajectory, it could, by 2050, account for more than half of global GDP, trade and investment, and enjoy widespread affluence” (ADB, 2011). Some have called this possibility the “Asian Century.” However, Asia’s rise is by no means preordained. While these promising outcomes are plausible, it does not imply that the path ahead is just doing more of the same. Do you agree with the statement? Discuss the statement with implications for Australia.

Answer should consider the following questions:

a. how have the structural transformation that the Asian countries undertook after the Asian financial crisis in areas of the role of state, business, labour relations and regional integration contributed to Asia’s growth.

b. What have been the challenges associated with these structural transformations? Is there a need for Asian countries to reassess their growth strategies based on these challenges?

c. An analysis of the major opportunities and challenges faced by the Asian countries currently and the possible implications for Australia.

Pages: 14, double spaced

Sources: 20