Wilson, The Asia Foundation. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between and Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth.
The East Asian miracle revisited
The East Asian miracle revisited | China | Al Jazeera
The East Asian Miracle, a much-celebrated growth phenomenon that occurred in the post-war period, continues to be one of the most debated subjects among economists. Since , Asia, the largest and most populous of the continents, has become richer faster than any other region of the world. This growth, however, has not occurred at the same pace all over the continent. These were later followed by Indonesia, Malaysia and Thailand, who joined the galloping growth club, which further went on till the s. Michael Sarel , in his paper observes that the Tigers have had annual growth rates of output per person well in excess of 6 percent. These growth rates, sustained over a year period, are simply amazing.
The Key to the Asian Miracle
East Asian economies achieved high growth rates by getting the basics right and promoting investment. Almost two decades ago, the World Bank published its landmark study The East Asian Miracle , analysing why East Asian economies grew faster than emerging markets in Latin America, Africa and elsewhere. These economies, the study concluded, achieved high growth rates by getting the basics right, promoting investment, nurturing human capital and opening up to export manufacturing.
The report examines the public policies of 8 high-performing Asian economies HPAEs from to It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution It seeks to uncover the role those policies played in the dramatic economic growth, improved human welfare, and more equitable income distribution in Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, Taiwan China , and Thailand.