The Dynamics of Economic Growth

The Dynamics of Economic Growth

Policy Insights from Comparative Analyses in Asia

Khuong Minh Vu

The advancement of a nation from poverty to prosperity is not a technical process but a great transformation. At the center of this change are two driving forces – emotion, which is referred to as aspiration, anxiety, and sense of responsibility; and enlightenment, which is associated with the freedom from dogmatism, open-mindedness, and the hunger for learning. It is these two factors that have determined not only the remarkable success of Asia in economic development but also the uniqueness of its growth model. This book examines the rise of Asia in the past two decades and draws lessons from its growth patterns.

Chapter 2: Developing Asia in the global dynamics of catching up and falling behind

Khuong Minh Vu

Subjects: asian studies, asian development, asian economics, asian politics and policy, development studies, asian development, development economics, economics and finance, asian economics, development economics, industrial economics, politics and public policy, asian politics


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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