Chapter 4: Sources of Developing Asia’s economic growth: insights from the standard growth accounting approach
The previous three chapters depict the catching-up performance of Developing Asia and its rise in the global landscape during the past two decades. This chapter examines the sources of economic growth in the individual economies of the region to identify the key drivers of their economic performance. The chapter then analyses the growth gap between Developing Asia and the rest of the world to understand the sources of the region’s high economic performance in comparison to the non-Asian developing economies and the economies of developed countries. The chapter uses the neo-classical growth accounting framework to decompose the aggregate growth of an individual economy into the contribution of various inputs and the total factor productivity (TFP).
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