book The World Economy: A Millennial Perspective, India had the world's largest economy during 0 BCE and 1000 BCE. Historically, India was the largest economy in the world for most of the two millennia from the 1st until 19th century, contributing 25% of the world's industrial output. China was the largest and most advanced economy on earth for much of recorded history and shared the mantle with India. For several decades in the late twentieth century Japan was the largest economy in Asia and second-largest of any single nation in the world, after surpassing the Soviet Union (measured in net material product) in 1990 and Germany in 1968. (NB: A number of supernational economies are larger, such as the European Union (EU), the North American Free Trade Agreement (NAFTA) or APEC). This ended in 2010 when China overtook Japan to become the world's second largest economy. In the late 1980s and early 1990s, Japan's GDP was almost as large (current exchange rate method) as that of the rest of Asia combined. In 1995, Japan's economy nearly equaled that of the US as the largest economy in the world for a day, after the Japanese currency reached a record high of 79 yen/US$. Economic growth in Asia since World War II to the 1990s had been concentrated in Japan as well as the four regions of South Korea, Taiwan, Hong Kong and Singapore located in the Pacific Rim, known as the Asian tigers, which have now all received developed country status, having the highest GDP per capita in Asia. It is forecasted that India will overtake Japan in terms of nominal GDP by 2025. By 2027, according to Goldman Sachs, China will have the largest economy in the world. Several trade blocs exist, with the most developed being the Association of Southeast Asian Nations. Asia is the largest continent in the world by a considerable margin, and it is rich in natural resources, such as petroleum, forests, fish, water, rice, copper and silver. Manufacturing in Asia has traditionally been strongest in East and Southeast Asia, particularly in China, Taiwan, South Korea, Japan, India, the Philippines, and Singapore. Japan and South Korea continue to dominate in the area of multinational corporations, but increasingly the PRC and India are making significant inroads. Many companies from Europe, North America, South Korea and Japan have operations in Asia's developing countries to take advantage of its