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Emerging Markets in Asia University of Phoenix January 8 2004 Emerging Markets in Asia Over the past decade the world has witnessed rapid long-term economic growth for East Asian countries These newly developing countries are experiencing growth rates in GDP between 6 and 7 compared to the 2 to 3 for most industrial economies If this growth continues South Korea and Taiwan could take away Americas distinction as the worlds richest country This rapid economic growth is a result of several economic and political factors The current pace of economic growth expanding trade and communications and the investment in equipment and education have all played a role in the sudden rise of the East Asian economies One primary factor that has spurred the long-term economic growth of South Korea and Taiwan is the pace of economic development The pace has accelerated over time As time progresses countries seem to be able to grow at a much more rapid rate South Korea was able to double its real income per head in an amazing 11 years from 1966 to 1977 It would seem that the later a country has developed the faster it has been able to do so Another important factor is the degree to which a country is behind the industrial leaders In the case of the East Asian countries South Korea and Taiwan both started out with an extremely low income per head This lag-time allowed much faster growth when learning from the leaders previous mistakes and successes Another important issue is to realize that these growth rates should slow as the countries catch up An area in which East Asia is investing much of its GDP is in capital equipment and education Compared to the industrial leaders the East Asian countries have sustained a much higher investment in these areas South Korea invests 35 of its GDP back into industry which is more than double Americas capital spending The East Asian
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