chapter  1
4 Pages

Introduction: The challenge of sustaining

ByEast Asian growth

In the past 40 years, the developing countries of East Asia have shown remarkable economic growth. All the world admires what has been achieved in the region. Countries that were dirt poor not so long ago grew rapidly and achieved Westernstyle living standards. Countries that used to rely on oxcart agriculture have become manufacturing powerhouses. Many entrepreneurs from the region and from the advanced countries have directed their attention and, in many cases, their investments into the East Asian region. The East Asian miracle1 has been based largely on the development of manufacturing, much of it exports to the West. Growing domestic markets, high rates of domestic saving and investment, and modernization have also made important contributions.