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Southeast Asia in the global economy: a selective analytical survey

Philippine Review of Economics

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Title Southeast Asia in the global economy: a selective analytical survey
 
Creator Hill, Hal; Australian National University
 
Subject Southeast Asia, Association of Southeast Asian Nations, economic growth, global economy
 
Description This paper selectively surveys Southeast Asian economic development over the past half-century and anticipates some of the region’s challenges if it is to progress to the ranks of developed countries. In the long sweep of development, three key features stand out. First, the region’s “initial conditions” in the early post-independence period appeared to be quite unfavorable. The literature at this time reflected the resulting pessimism. But, second, several countries belong to the very small group to have achieved historically unprecedented growth since the 1960s. The drivers of rapid growth remain contested. But the common feature has been a strong commitment to reasonably broad-based economic growth. Moreover, third, the propensity for growth in the region has spread as countries have progressively joined the regional and global mainstream. Policy regimes that favored outward orientation and prudent macroeconomic management have generally resulted in faster growth. The accurate forecasting of crises and growth decelerations has proven to be elusive, reinforcing the view that an eclectic, historical, and multi-disciplinary framework is necessary to understand the region’s long-term development dynamics.JEL classification: N15, O53, P52.
 
Publisher Philippine Review of Economics
 
Contributor —
 
Date 2018-04-23
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Identifier http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/953
 
Source Philippine Review of Economics; Vol 54, No 2 (2017): Special Issue in Honor of Amado A. Castro; 1-36
1655-1516
 
Language en
 
Rights Copyright (c) 2019 Philippine Review of Economics