Asia's Turning Point: An Introduction to Asia's Dynamic Economies at the Dawn of the New Century

2

A New Wave of Growth

Having overcome the Asian crisis of 1997–98, East Asian economies entered a new phase of economic growth which started in 1999 and continues for the time being (see Tables 2.1 and 2.2). Once again, East Asia has emerged as the fastest growing region in the world (along with Central Asia), steadily increasing its share of global gross domestic product (GDP) and world trade.

Table 2.1 Average real GDP growth of the East Asian economies and India (1999–2007) (%)

Source: Calculated on the basis of the annual growth rates data presented in the chapters on the national economies in the Part 2.

Country	%
Japan	1.5
South Korea	5.6
Taiwan	4.3
Hong Kong	5.0
Singapore	6.1
Malaysia	5.6
Thailand	4.9
Philippines	4.8
Indonesia	4.6
China	9.6
Vietnam	7.3
India	6.4

Table 2.2 Average real GDP growth for East Asia and other regions^* (%)

East Asia in the World: Its Present Position

East Asia’s Shares of the World’s GDP and Exports

Without Japan, the region’s share (the share of the four NIEs, ASEAN 4, and China combined) of the world’s GDP went up from 7.8 percent in 1999 to 11.0 percent in 2007. However, it increased mostly due to a dramatic rise in the share of China. The share of the ASEAN 4 elevated only a little and the share of the four NIEs was practically unchanged. With Japan included, the ...