Chapter 2: Developing Asia in the global dynamics of catching up and falling behind
The 1990–2010 period witnessed profound changes in the world economy. These changes were characterized by the emergence of three driving forces of transformation: globalization, information and communication technology (ICT), and the rise of Asia, led by the outstanding economic performance of China and India. These transformational forces have had palpable effects on economic growth in many economies in the world, especially in developing Asia. This chapter aims to provide a comprehensive view of the performance of developing Asian economies in the global dynamics of catching up and falling behind on a per capita income level in the past two-decade period. For this purpose, the chapter follows Jorgenson and Vu (2011) in focusing on a sample of 119 of the most significant economies in the world for which key data for economic analysis are available. These 119 economies account for more than 95 per cent of the world’s GDP and population.
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