The Importance of Middle East for Northeast Asia in the New Global Economic Order

Sang-Chul Park ()
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Sang-Chul Park: Graduate School of Knowledge Based Technology and Energy, Korea Polytechnic University, Korea

Institutions and Economies (formerly known as International Journal of Institutions and Economies), 2014, vol. 6, issue 3, 15-34

Abstract: The world economy has experienced a global shift particularly over the last three decades. In 1980, developed nations produced about 80% of global output while developing nations generated the rest. Three decades later, the ratio is 60:40 respectively. Emerging markets such as South Korea, Taiwan, Hong Kong and Singapore as first tier as well as Mainland China and India as second tier have developed tremendously. Overall, Northeast Asia’s total output accounted for 24% of global GDP in 2011- similar to the EU and North America. To ensure Northeast Asia’s rapid economic growth, it is absolutely necessary to secure energy resources by cooperating closely with the Middle East because the latter supplies over 50% of energy to Northeast Asia. Greater economic cooperation between both regions is crucial owing to the changing global economic power structure. The paper discusses a global shift in economy with a particular focus on Northeast Asian countries. It analyses how the global economic structure has changed and the form it will take in the near future. The paper explores how the economy of Northeast Asia has been reshaped. Lastly, but not least, the paper offers suggestion on how to create a win-win relationship between the region and the Middle East by creating an emerging economic power house strategically.

Keywords: Economic Growth; Economic Power House; Global Shift; Middle East; Northeast Asia (search for similar items in EconPapers)
JEL-codes: E60 O11 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:umk:journl:v:6:y:2014:i:3:p:15-34

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