ABSTRACT
During the 1980s and early 1990s, China and most of the Southeast Asian countries experienced impressive and steady economic growth. As shown in Table 6.1, Gross Domestic Product (GDP) growth in China and the ASEAN (Association of Southeast Asian Nations) countries has far outpaced GDP growth in the United States and West Europe. In contrast to the sluggish economic growth in the industrialized economies, the average GDP growth between 1980 and 1994 was 11.6% in China and 6.0% in the major ASEAN countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand). More importantly, rapid economic growth is projected to continue in the region. If current trends continue, the world’s four largest economies in the year 2010 will be similar in size: Japan, China, the European Union (EU), and the United States. The ASEAN countries will comprise the fifth largest economy. Comparison of GDP Growth 1980–94
|
1980–89 |
1990–94 |
|
|---|---|---|
|
China |
10.2% |
12.9% |
|
Singapore |
6.4% |
8.3% |
|
Thailand |
7.6% |
8.2% |
|
Malaysia |
5.2% |
8.4% |
|
Indonesia |
6.1% |
7.6% |
|
Philippines |
1.0% |
1.6% |
|
U.S.A. |
3.0% |
2.5% |
|
Britain |
3.2% |
0.8% |
|
France |
2.4% |
0.8% |
|
Germany |
2.2% |
1.1% |
