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Lecture 23

GEOG 3RW3 Lecture 23: Geography 3RW3 - Lecture 23 - Economi..
GEOG 3RW3 Lecture 23: Geography 3RW3 - Lecture 23 - Economic Geography
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School
McMaster University
Department
Geography
Course
GEOG 3RW3
Professor
Segei Basik
Semester
Winter

Description
Geography 3RW3 – Dr. Basik – Page 1 Lecture 23 – Wednesday March 4 Economic Geography • Introduction Image o Comparison of economic development in different states in India • World Bank o The World Bank classifies South Asian nations as low income/lower middle income economies o A low average per capita income in the region o India – about 25% of the people live in poverty o Same in African region • Economy of South Asia (India) o At the same time, South Asia is the second fastest growing region in the world o Over 80% of regional GDP being concentrated in India o India, as the largest regional economy, clearly sets the pace for South Asia: GDP growth is expected to accelerate from 4.7% in fiscal year 2013/2014 to 6.4% in 2015/2016 o Don’t have these numbers in Canada or European countries o Very impressive numbers • Government o A central economic model was typical: the government has a strict control over private sector economic development, foreign trade and investments o India was characterised as a “Sleeping Elephant” in contrast to the “Asian Tigers” o Potential was incredible/enormous, but difficult to compare the level of development and economic pace o Various economic reforms since the 1990s (India) – reducing of government control and privatization o India’s economy has a tremendous impact on the world economy • GDP Growth o South Asia is the only region actually seeing a marked increase in real GDP growth o Slightly above China’s growth o In 2014, India’s real GDP growth was slightly above China’s, topping other emerging markets o Most South Asian countries solidified their foreign reserve positions in 2014 • Exports o Export growth is improving across the region o Substantial double-digit rates export growth in Sri-Lanka, Nepal, Bhutan (textile, garments, carpets) o India has recently experienced increases in foreign direct investment o South Asian economies face competitiveness challenges and some struggle to solidify their export positions
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