Asia Rising
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Asia Rising

Growth and Resilience in an Uncertain Global Economy

Edited by Hal Hill and Maria Socorro Gochoco-Bautista

The centre of global economic activity is shifting rapidly towards Asia, driven by a combination of the economic dynamism of China, India and other middle-income Asian countries, and sluggish growth in the OECD economies. The rapid growth and rising global prominence has raised a range of major challenges for Asia and for the rest of the world. This comprehensive, forward-looking book examines these issues through in-depth studies of major Asian economies and an analysis of the key development policy options.
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Chapter 1: Perspectives and issues

Hal Hill and Maria Socorro Gochoco- Bautista

Extract

This may be the Asian Century, but it is also a period of deep global uncertainty. If the global economy is characterized as consisting of five dominant pillars – Europe, North America, Japan, the People’s Republic of China (PRC), and a group of major emerging economies – then only the latter two are vibrant and dynamic. The first two dominated the world economy during most of the 20th century, and together with Japan they were the key engines of growth in the post- war period. Now, however, all three are beset by serious problems of low growth, high debt, and a political economy environment that renders growth- oriented economic reform very difficult. The developing Asian economies therefore have to sustain growth in an exceptionally difficult environment, and one in which they will have to assume increasing responsibility for the maintenance of global economic growth. Their export dynamism is threatened by slow growth in most rich economies, compounded by attendant rising protectionism.

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