Sample Article Review On East Asian Miracle

The countries in East Asia and South East Asia have had the highest economic growth rates in comparison with the countries from the countries of the other regions of the world. 13 countries in East and South Asia grew at 7% and higher for at least 25 years.
In more detail, GDP growth by region in 1960-2006 equaled as follows: Sub-Saharan Africa – 2.94%, East Asia & Pacific – 7.49%, South Asia – 4.63%, Latin America & Caribbean – 3.52%. The countries in East Asia are often described as “an East Asian Miracle”. However, their success was not something unlooked for. The governments of the countries had conscious and deliberate strategies and policies and just as the developed countries were focused on the pursuit of development in the new international environment.
The rapid economic development brought many positive outcomes including better living conditions for the people: reduced inequality (poverty), better standards of living, reduced death rates, lower fertility rates, and increased life expectancy. Moreover, much more students study at high schools, colleges and universities. This is vital for the further social and economic development of the region of East Asia and South East Asia.
The positive outcomes were obtained due to the stronger economies, reduced macroeconomic volatility, lower inflation, rapid industrialization, higher exports, improved productivity and increased stock of capital. The countries became open to the large companies from the developed countries and therefore the foreign direct investment in East Asia and South East Asia sharply increased.
Now the economic growth rates have slowed down, but they are still much higher than the rates in the developed countries. For example, in 1996-2010, China’s economic growth was 10.7%, Singapore’s – 6.6%, and Malaysia’s – 5.9%. The countries in Sub-Saharan Africa also had high economic growth rates since in the 1990-2000s that were due to the commodity boom.