Development of a regional economy is an important part of economic growth. It is an important part of economic growth because it contributes to the overall well being of the country, state, or nation- whichever region that may be in the process of being developed. There are many factors that must be taken into consideration in order to develop the economy of a region, like the different drivers and forces that are in the economy, such as: major cities, major products, manufacturing locations, raw materials that are used in the economy and where they come from, and the various transportation networks that are used to help develop the economy. In order to look at the development of a regional economy, we must also look at the historic impact of the various events and occurrences that has happened during this developmental process. We must look at the physical distance and differences, the impact of technological change on commerce, and how these changes can be positive and beneficial to specific countries that have trade relationships with.
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ASEANAlso, if there are any negative changes that can be harmful to economies within the local region.
The regional economy that I am focusing on is the Association of Southeast Asian Nations, also known as ASEAN. ASEAN is in the process of developing their regional economy, to help other smaller and underdeveloped Southeast Asian countries become economically stable and fit to compete with the rest of the world. The major cities of ASEAN are Kuala Lumpur, Johor Bahr, and Shah Alam, of Malaysia; Bangkok, Nakhon Ratchasima, and Chiangmai, of Thailand; Jakarta, Surabaya, and Medan, of Indonesia, Ho Chi Minh, Hanoi, and Binh Duong, of Vietnam; and Makati, Manila, and Quezon, of the Philippines (Reuters Corporation, 2009). It is important to also focus on the major products...