ABSTRACT
Reports from international agencies on the future of East Asia published in the 1950s and 1960s were pessimistic about the growth and developmental potential for the region’s economies. The general sentiment was that only Japan and the Philippines were likely to reach the status of advanced countries. How wrong this assessment has proved to be! Whilst Japan has presumably passed all expectations, the Philippines has been conspicuous by its relatively poor performance when compared to its East Asian neighbours (see Table 1.2 below). Even in the 1970s and 1980s, the UN development reports were cautious as to the prospects for these countries as a whole.
