Why did nations in south and southeast Asia abandon socialism from their economies?

Answer 1

Wealth (if measured by GDP per capita) is mostly concentrated in east Asian territories such as Hong Kong, Japan, South Korea, Singapore and Taiwan, as well in oil rich countries such as Iran, Saudi Arabia, Qatar, United Arab Emirates. Asia, with the exception of Japan, South Korea, Taiwan, Hong Kong and Singapore, is currently undergoing rapid growth and industrialization spearheaded by China and India - the two fastest growing major economies in the world. While east Asian and southeast Asian countries generally rely on manufacturing and trade for growth, countries in the Middle East depend more on the production of commodities, principally oil, for economic growth. Over the years, with rapid economic growth and large trade surplus with the rest of the world, Asia has accumulated over US$4 trillion of foreign exchange reserves - more than half of the world's total.