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A development strategy for Asian economies : Korean perspective

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Frame of Image that of the other regions of the world (Figure 1). The average growth rate of East Asian countries exceeded the average growth rate among other countries by 1.7% a year – an enormous difference over such a long timescale.
Figure 1. East Asian growth Rates in Global Perspective 1960 -2002
Many Asian economies have shared in the success 1960-1980 East Asia/Pacific 1980-2002 (Figure 2): first Japan; South Asia then the tigers, South Korea, Singapore, Latin America Hong Kong, and World Taiwan, China; then High income the new industrializing 1960 -1980 SS Africa 1980-2002 economies, Thailand, MENA No data 1960 -1980 1980-2002 Malaysia and 0 2 4 6 8 Indonesia; and most Annual GDP recently and growth, % Source: World Development Indicators dramatically China. India looks set to be next. All East Asian economies have achieved historically exceptional rates of growth for at least two decades and often much longer. Over the last forty years, Korea has been one of the most impressive performers in this remarkable group. These growth rates have inevitably increased the relative weights of the East Asian economies in the global economy (Figure 3). For instance, Korea expanded its share of global income more than four and a half times. Similarly, the share of East Asian countries in global trade has increased, from 14.1% in 1953 to 24.1% in 20022.
Vice Chairman, Citigroup. This paper was prepared for presentation at the Korean Seminar of the 37th Annual Meeting of the Asian Development Ban


Full Text
Title A development strategy for Asian economies
Similar Titles
Sub Title

Korean perspective

Material Type Reports
Author(English)

Fischer, Stanley

Publisher

Citygroup

Date 2004
Pages 23
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Economic Conditions
Economy < Economic System