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Economic growth in the Asia Pacific Region - Essay Example
This paper reviews the Asia Pacific financial and economic performance during the last few half-century. The recent tremendous economic growth in the region is observed to be at varying scales in different countries. Factors that affect the economic growth of a particular country are considered…
We will authenticate our research on the basis of existing literature and also probe into various indicators in order to signify the arguments presented for these two countries.
Asian Pacific countries especially the East and South-East Asian countries have had a wondrous record of surging economic and financial performance. These countries include Thailand, Malaysia, Indonesia and Philippines. According to World Bank (1993), the significant economic growth in this region outclasses the performance of any other region of the world. The economic indicators in these countries have risen rapidly in the pre crisis era of 1965-1995 and then post crisis era to date. All the important economic indicators, for instance, Gross Domestic Product, Gross National Product and Per Capita Income etc have seen substantial growth and progress.
The worst period in the history of East Asia took place in 1997-98, which had its significant impact on all the progressing countries of the region and their economic growth indicators. The causes and effects of this decline had been enormous, however the region is growing successfully out of it with rapidly improving economic condition.
McKinnon (1973) and Shaw (1973) emphasize on th ...