What is the Pacific Rim?

Regions or countries that have their base in areas surrounding the Pacific Ocean are described using the term Pacific Rim. This includes countries located in the western shores of North America and South America, some nations in Eastern Asia, Australia and those on the islands of Pacific. The Pacific Rim is significant to countries whose economic development has a lot to do with shipping. For instance, Pacific Rim countries have been able to achieve sustainable economic development through the Pacific Rim, these countries include the Philippines, Hong Kong, South Korea, Singapore, Malaysia, Vietnam, Indonesia and few others. 

What Makes up the Pacific Rim?

Pacific Rim describes countries bordering on the Pacific Ocean, the most popular ones are China, South Korea and Australia. Considering the gigantic nature of the Pacific Ocean, countries bordering on it are classified as a region while other countries on Pacific Ocean coastlines such as Mexico, Canada and United States are regarded as part of the region. As a result of worlds shipping that take place in the Pacific region, certain countries have been able to improve their economies. These economies that have benefited much from export through the Pacific Region are called the Asian Tigers. The Asian Tigers are Hong Kong, South Korea, Singapore and Taiwan, these economies have high record of success economically. 

Tiger cub economies on the other hand are countries that follow the steps of Asian Tigers in terms of market and economic policies. Although, Tiger Cubs are not as developed as Asian Tigers, they have the potentials for development. Tiger Cub economies include Thailand, Philippines, Malaysia and Indonesia. The Pacific Rim as a region is largely dominated by an expanse of ocean between America to the east and Asia to the west. Due to its economic activity, the Pacific Rim has enhanced development of economies for many Asian and European nations. Transpacific trade is a significant part of the Pacific Rim, in the 1960s, Asian economies were producing 4% of the worlds economic output but by 1990s, it increased to 25%. However, in the early 1990s, U.S exports to Asia exceeded those of Asia to Europe. The role of Pacific Rim in enhancing transpacific trades in the economic regions cannot be underestimated.