Rapid Economic Growth In East Asian Countries

Rapid economic growth in East Asian countries Over the past decade, long-term economic growth in East Asian countries has been rapid. The GDP growth rate per capita in these emerging industrialized countries is about 6% to 7%, while the growth rate of most industrial economies is 2% to 3%. As this growth continues, South Korea and Taiwan may rob the US from its position as the world's wealthiest country. This rapid economic growth is the result of several economic and political factors.

Overall, in this article, we believe that the miracle of Asia is a heterogeneous phenomenon occurring only in some countries. It also shows the economic growth rates of the eight East Asian countries that concentrate mainly in Hong Kong, Korea, Taiwan, Malaysia and Thailand. We will also discuss common points of success including (1) Maintaining macroeconomic stability, (2) broad education strategy, (3) export growth and (4) noncritical industrial policy. This paper argues that export promotion is a successful strategy and industrial policy is "not important." In summary, the main outcomes of HPEA are the cooperation of the two companies and the government, aimed at building a sustainable economy of the country.

Over the past decade, the long-term economic growth of East Asian countries has been rapid. The GDP growth rate per capita in these emerging industrialized countries is about 6% to 7%, while the growth rate of most industrial economies is 2% to 3%. As this growth continues, South Korea and Taiwan may rob the US from its position as the world's wealthiest country. This rapid economic growth is the result of several economic and political factors. The pace of economic development, global trade and communication growth, and investment in tangible capital and education all contribute to the rapid rise of East Asian countries.

Rapid industrialization has brought unprecedented economic development in the country. Until 1982, annual economic growth rate of at least 5% was maintained. By the early 1990s, Indonesia was regarded as "East Asia Miracle", "High Performance Asian Economy" (HPAE), and "Asian Tiger" from the viewpoint of economic scale and predicted growth. However, the same centralized system that enabled its overwhelming economic growth resulted in high levels of corruption, nepotism, government conspiracy and long-term human rights abuses by the authorities. After the Asian financial crisis in 1997, a series of turmoils against the Suharto regime, riots, and public dissatisfaction crisised the government. The democratic movement that began in the early 1990s gained momentum and played an important role in confronting the regime. Suharto expressed his retirement in 1998, Vice President Habibie took over.