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International Monetary Fund

During the past 25 years, employment in manufacturing as a share of total employment has fallen dramatically in the world’s most advanced economies, a phenomenon widely referred to as “deindustrialization.” The trend, particularly evident in the United States and Europe, is also apparent in Japan and has been observed most recently in the Four Tiger economies of East Asia (Hong Kong, China, Korea, Singapore, and Taiwan Province of China). Not surprisingly, deindustrialization has caused considerable concern in the affected economies and has given rise to a

International Monetary Fund. External Relations Dept.

package, involving also the World Bank and the Asian Development Bank, as well as bilateral lenders. The IMF’s support for Korea’s economic-reform program marks the latest in the institution’s continuing efforts to assist the beleaguered economies of East Asia. In August, the IMF approved a $3.9 billion package for Thailand supplemented by a $12.7 billion support package coordinated with other interested countries and multilateral institutions (see IMF Survey , September 17); and in November, the IMF approved a $10.1 billion stand-by credit for Indonesia as a major

International Monetary Fund

Abstract

The spectacular growth of many economies in East Asia over the past 30years has impressed the economics profession, which often refers to thesuccess of the so-called Four Tigers of the region (Hong Kong, Korea, Singapore, and Taiwan Province of China) as "miraculous." This papercritically reviews the reasons alleged for this extraordinary growth.It weighs arguments in the debate over factor accumulation versustechnical progress, the role of public policy, the contribution ofinvestments and exports, and the influence of initial conditions onsubsequent growth.

Mr. Ramana Ramaswamy and Mr. Bob Rowthorn

share of manufacturing employment in the last two decades—a phenomenon referred to as deindustrialization. Employment in manufacturing now constitutes only a small fraction of civilian employment in most of the traditional “industrial” countries. The dynamic economies of East Asia also appear to have embarked on deindustrialization in recent years. This paper argues that, contrary to popular perceptions, deindustrialization is not a negative phenomenon, but is the natural consequence of the industrial dynamism in an already developed economy. North-South trade has

Parvez Hasan

Parvez Hasan Why East Asian countries have fared better than other LDCs Developing market economies of East Asia have survived the turbulent international decade since the 1973 oil price increase better than most other developing countries. Nevertheless, the deep international recession of 1982-83, the steep rise in international interest rates, and the further increase in energy prices after 1979 have hit many economies in the region extremely hard. For the group as a whole, GDP growth declined to less than 5 percent per annum during 1980-83. But