Chapter 5: Sustaining high economic growth in Developing Asia: strategic insights and a catch-up policy framework
Developing Asia has made remarkable achievements in economic growth over the past few decades. This success, however, is only an initial step. There remains a large gap to overcome before the countries in the region transform into prosperous nations. Using the income level relative to the US as an indicator of development, in 2010, this indicator was at 13 percent for Developing Asia, 11 per cent for the ASEAN-6, 5 per cent for the SAC-4,16 per cent for China, and 8 per cent for India (Figure 5.1). In addition, Developing Asia as a whole remains a poor region relative to the world average. In 2010, the region’s share in the world population was 53.5 per cent, while its share in the world’s GDP was only 27.8 percent, which implies that the region’s income level was only about one half of the world average (Table 1.1). With the exception of the four Asian Tiger economies and Malaysia, the developing Asian countries, especially the South Asian nations, are notably below the world’s average income level.
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