Unit 5: Discovery Research Peer Response GB503

Directions

1. Response posts 

0. Select two peers to respond to. 

1. Take on the role of a consultant. Read their recommendations thoroughly then provide some rationale as to why you think their recommendations are persuasive (or not).

             When it comes to natural resources, every place has materials that are beneficial. These materials are good both for the country and allows an item that can be used for trade. Knowing what the country has to offer, allows for them to have a stance when conducting global business with other countries. One of the top types of natural resources that Asia has to offer is connected within mining, specifically with the components connected to fuel (Spencer et al.., 2021).  Being able to mine materials allows for the country to supply these items within their borders. In addition, if there are excess materials then they can be used as items for an export and be a form of revenue.  The way that mining materials contribute to sustainable development is by allowing materials that can be used to help create items. However, a key component when it comes to sustainable is making sure that the materials are not used faster than they are produced. If a resource is overused, then substitutions will have to be determined if there are any.  Natural resources are used in all aspects of our lives and are certainly needed so that we may continue to thrive (Bansard & Schröder, 2021).

                Economic development is an important thing for any country and the natural resources that an area has to offer can and often do influence the development. Natural resources can help the economy grow, however if it is not managed properly than the positive development then can become the downfall (Ibrahim, 2017). To help reduce the chances of a negative economic development, solid tracking of materials and the process must be conducted. This will provide vital information on what is used in country and global. In addition, research on how long it takes the natural resource to replenish will provide vital information so that long term plans can be determined for a positive economic development.  

Reference:

Bansard, J., & Schröder, M. (2021). The Sustainable Use of Natural Resources: The Governance Challenge. from 

Ibrahim M.  (2017). Introductory Chapter: Economics, Natural Resources and Sustainable Development. In  (Ed.), Emerging Issues in Economics and Development. IntechOpen. 

Spencer, J. E. , Leinbach, . Thomas R. , Narasimhan, . Chakravarthi V. , Gourou, . Pierre , Chapman, . Graham P. , Beaufort, . Lieven Ferdinand de , Chandrasekhar, . Sripati , Pannell, . Clifton W. , Owen, . Lewis , Yefremov, . Yury Konstantinovich , Ryabchikov, . Aleksandr Maximovich , Şengör, . A.M. Celâl and Alexeeva, . Nina Nikolaevna (2021, October 28). Asia. Encyclopedia Britannica. 

Assess the natural resources of Asia.

Asian countries have many natural resources across the continent. Some resources include coal, petroleum, iron ore, and natural gas. A combination of Asian countries had a 3.4% fall in GDP due to the pandemic. “As Southeast Asian countries work toward economic recovery, a range of risks, including any worsening of the pandemic, geopolitical tensions and climate change, can impact progress.” (Gupta & Pascual, 2021). Southeast Asia does not produce sufficient energy, so some areas rely on energy imports.

Identify the Asian country which is most endowed in resources and explain how these resources have contributed to their sustainable development.

China is the world's largest producer of aluminum, gold, tin, and coal. China has “been experiencing high rates of economic growth, leading to increased energy consumption in recent decades.” (Frontiers in Energy Research, 2020). Asia has large amounts of oil and gas, if managed correctly Asia is highly sustainable. Siberia is also a huge amount of coal, petroleum, natural gas, and diamonds.

Take on the role of a consultant and give some recommendations to the economic development leaders of your chosen country to continue to better manage their economic development.

Asia is a large continent. If the countries worked together, they would be able to growth faster economically. “Improving regional economic integration by increasing energy trade among Asian countries and with neighboring regions can help the region towards recovering and sustaining economic growth.” (The World Bank, 2020). Using renewable energy into existing infrastructure is smart energy management. Leaders may consider adding fees for the use of resources, like they do with gasoline,

-Jen Lord

References

Frontiers in Energy Research. (2020, July 16). Analyzing Energy Transition Patterns in Asia: Evidence From Countries With Different Income Levels. Retrieved from Frontiers in Energy Research: https://www.frontiersin.org/articles/10.3389/fenrg.2020.00162/full

Gupta, S., & Pascual, G. (2021, October 30). How clean energy can fuel Southeast Asia’s economic growth. Retrieved from EY: https://www.ey.com/en_id/energy-resources/how-clean-energy-can-fuel-southeast-asia-s-economic-growth

The World Bank. (2020, October 20). Central Asia Electricity Trade Brings Economic Growth and Fosters Regional Cooperation. Retrieved from The World Bank: https://www.worldbank.org/en/news/feature/2020/10/20/central-asia-electricity-trade-brings-economic-growth-and-fosters-regional-cooperation