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Growth Experiences of the Asian Economies

Growth Experiences of the Asian Economies

Copyright: © 2014 |Pages: 24
ISBN13: 9781466658486|ISBN10: 1466658487|EISBN13: 9781466658493
DOI: 10.4018/978-1-4666-5848-6.ch002
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MLA

Rup Singh. "Growth Experiences of the Asian Economies." Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model, IGI Global, 2014, pp.24-47. https://doi.org/10.4018/978-1-4666-5848-6.ch002

APA

R. Singh (2014). Growth Experiences of the Asian Economies. IGI Global. https://doi.org/10.4018/978-1-4666-5848-6.ch002

Chicago

Rup Singh. "Growth Experiences of the Asian Economies." In Bridging the Gap Between Growth Theory and Policy in Asia: An Extension of the Solow Growth Model. Hershey, PA: IGI Global, 2014. https://doi.org/10.4018/978-1-4666-5848-6.ch002

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Abstract

This chapter describes the growth experiences of the sampled Asian countries, which are used as reference points in this textbook. This niche sample reflects the strong growth performance of these economies. Following a brief geographical backdrop, their economic growth outcomes, the binding constraints to growth, and some of the important underlying growth factors are discussed. The chapter concludes by discussing their expected short-term growth outlook, especially after the GFC. As indicated in chapter 1, the survey shows that the EAEs (South Korea, Taiwan, Hong Kong, and Singapore) have recorded remarkable rates of growth since the 1960s. Data also shows that China and India's growth performances are commendable as well, although India has not recorded rates close to those of China. The other countries (Indonesia, Thailand, Malaysia, and Philippines) have also registered high rates of growth when compared to similar developing countries around the world. While the constraints to growth remain and are actually amplified by the GFC, the important growth factors that have added to the economic resilience of these economies have been openness to trade, accumulation and mobilization of human and physical inputs (including labor force), better infrastructure, and improved institutions. However, important trade related risks remain and these have been affecting the Asian economies severely. Detailed analysis of trade as an important driver of economic growth in the largest and most influential economy, China, is included in chapter 9.

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