Rapid Economic Growth In East Asian Countries



Over the past decade, there has been rapid long-term economic growth
for East Asian countries. These newly industrialising countries are
experiencing growth rates in GDP per head at around 6% to 7% compared to the 2%
to 3% for most industrial economies. If this growth continues, South Korea and
Taiwan might take away America's distinction as the world's richest country.
This rapid economic growth is a result of several economic and political factors.
The pace of economic development, growth in world trade and communications,
and the investment in physical capital and education have all played a role in
the sudden rise of the East Asian economies.
One factor which has helped the ...

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the
later a country has industrialised, the faster it has been able to do so.
Another important factor is the degree to which a country is behind the
industrial leaders. In the case of the East Asian countries, South Korea and
Taiwan, both started out with an extremely low income per head. This allowed
much faster growth when copying the leaders. It is important to realize that
these growth rates should slow as the countries catch up.
An area in which East Asia is investing much of its GDP is in physical
capital and education. Compared to the industrial leaders, the East Asian
countries have sustained a much higher investment in these areas. South Korea
invests 35% of its GDP which is more than double America's capital spending.
The East Asian countries have placed much emphasis upon education. Education
is the key to mastering the technologies which they have been borrowing from the
economic leaders of the world. The standards of education for these countries
have ...

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Rapid Economic Growth In East Asian Countries. (2006, December 22). Retrieved July 14, 2020, from http://www.essayworld.com/essays/Rapid-Economic-Growth-East-Asian-Countries/57501
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PAPER DETAILS
Added: 12/22/2006 05:05:28 AM
Category: Economics
Type: Premium Paper
Words: 511
Pages: 2

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