ABSTRACT
Has the East Asian economic miracle come to an end? Can rapid growth be resumed or did the financial crisis of 1997 mark a turning point in economic development of the region? History will provide answers to these questions in due course, but in the meantime it is possible to speculate constructively on the outcome. More importantly, we can draw important lessons from assessing the reasons behind the rapid growth experience of East Asian developing economies and the more recent crisis and downturn. This provides a firmer basis for speculation about the future and also may provide some guidance for the design of development policies in East Asia and other parts of the developing world.
