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The Future of the Asia-Pacific region

Author: Schütte, Hellmut INSEAD Area: StrategyIn: Swiss Japan Quarterly Review, no. 3, 1995 Language: EnglishDescription: p. 63-70.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: Much of the attractiveness of Asia Pacific is based on the record of past growth in the region and the prospects of growth in the future. While there is almost full consensus among observers that the growth rate of Asia Pacific will continue to be higher than that of Europe or North America for the foreseeable future, any forecast should naturally be regarded with caution. As the growth rates of the Asian economies have been high in the past performance, the future logically looks promising. However, it is not clear that the same forces which led to high growth rates in the past will be the same when the economies move from the status of a developing country towards that of a newly industrializing and, later, industrial country. In other words, if the growth in output of Asia's developing economies was mainly based on increase in input of labor and capital, will these economies not experience diminishing returns and therefore lower growth rates?
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Much of the attractiveness of Asia Pacific is based on the record of past growth in the region and the prospects of growth in the future. While there is almost full consensus among observers that the growth rate of Asia Pacific will continue to be higher than that of Europe or North America for the foreseeable future, any forecast should naturally be regarded with caution. As the growth rates of the Asian economies have been high in the past performance, the future logically looks promising. However, it is not clear that the same forces which led to high growth rates in the past will be the same when the economies move from the status of a developing country towards that of a newly industrializing and, later, industrial country. In other words, if the growth in output of Asia's developing economies was mainly based on increase in input of labor and capital, will these economies not experience diminishing returns and therefore lower growth rates?

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