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 3: The rise of Asia

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


Profound transformational changes have been occurring in the Developing Asia countries over the past six decades. The pace of these changes have notably accelerated in the past two decades with the outstanding economic performance of the two giants, China and India, which together account for over one third of the world’s population. These changes have ushered in a new era of Asia’s ascent, which is expected to have powerful and unprecedented impacts on the world economy and on every nation’s economic prospects. There has been a wealth of studies discussing the rise of Asia in the global economic landscape and projecting its potential impact in the future. Kawai and Petri (2010) observed that the growth of emerging and developing economies tended to be higher than that of advanced economies in the 1970s. However, the gap narrowed over time and essentially disappeared between 1985 and 1995. Since the second half of the 1990s, the growth of emerging and developing economies has been rising, while that of advanced economies has been declining.

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