Dollar, David
Asian Century Or Multi-Polar Century ? Dollar, David [electronic resource] / Dollar, David - Washington, D.C., The World Bank, 2007 - 1 online resource (37 p.) - Policy research working papers. World Bank e-Library. .
The "rise of Asia" is something of a myth. During 1990-2005 China accounted for 28 percent of global growth, measured at purchasing power parity (PPP). India accounted for 9 percent. The rest of developing Asia, with nearly a billion people, accounted for only 7 percent, the same as Latin America. Hence there is no general success of Asian developing economies. China has grown better than its developing neighbors because it started its reform with a better base of human capital, has been more open to foreign trade and investment, and created good investment climates in coastal cities. China's success changes the equation going forward: its wages are now two to three times higher than in the populous Asian countries (Bangladesh, India, Indonesia, Pakistan, and Vietnam), and China will become an ever-larger importer of natural resource and labor-intensive products. Developing countries need to become more open and improve their investment climates to benefit from these opportunities. China itself faces new challenges that could hamper its further development: unsustainable trade imbalance with the United States, energy and water scarcity and unsustainable use of natural resources, and growing inequality and social tension. To address the first two of these challenges, good cooperation between China and the United States is essential. The author concludes that we are more likely to be facing a "multi-polar century," than an Asian century.
10.1596/1813-9450-4174
Currencies and Exchange Rates
Debt Markets
Demographic
Developing Countries
Developing Economies
Economic Performance
Economic Performances
Economic Theory and Research
Emerging Markets
Energy
Energy Production and Transportation
Exchange
Finance and Financial Sector Development
Financial Literacy
Foreign Trade
Future
Future Prospects
Globalization
Growth Rate
Health, Nutrition and Population
Human Capital
International Economics & Trade
Investment
Investment Climate
Investment Climates
Labor Policies
Macroeconomics and Economic Growth
Natural Resource
Natural Resources
Population Policies
Poverty Reduction
Power Parity
Private Sector Development
Pro-Poor Growth
Purchasing Power
Rapid Growth
Social Protections and Labor
Trade and Regional Integration
Asian Century Or Multi-Polar Century ? Dollar, David [electronic resource] / Dollar, David - Washington, D.C., The World Bank, 2007 - 1 online resource (37 p.) - Policy research working papers. World Bank e-Library. .
The "rise of Asia" is something of a myth. During 1990-2005 China accounted for 28 percent of global growth, measured at purchasing power parity (PPP). India accounted for 9 percent. The rest of developing Asia, with nearly a billion people, accounted for only 7 percent, the same as Latin America. Hence there is no general success of Asian developing economies. China has grown better than its developing neighbors because it started its reform with a better base of human capital, has been more open to foreign trade and investment, and created good investment climates in coastal cities. China's success changes the equation going forward: its wages are now two to three times higher than in the populous Asian countries (Bangladesh, India, Indonesia, Pakistan, and Vietnam), and China will become an ever-larger importer of natural resource and labor-intensive products. Developing countries need to become more open and improve their investment climates to benefit from these opportunities. China itself faces new challenges that could hamper its further development: unsustainable trade imbalance with the United States, energy and water scarcity and unsustainable use of natural resources, and growing inequality and social tension. To address the first two of these challenges, good cooperation between China and the United States is essential. The author concludes that we are more likely to be facing a "multi-polar century," than an Asian century.
10.1596/1813-9450-4174
Currencies and Exchange Rates
Debt Markets
Demographic
Developing Countries
Developing Economies
Economic Performance
Economic Performances
Economic Theory and Research
Emerging Markets
Energy
Energy Production and Transportation
Exchange
Finance and Financial Sector Development
Financial Literacy
Foreign Trade
Future
Future Prospects
Globalization
Growth Rate
Health, Nutrition and Population
Human Capital
International Economics & Trade
Investment
Investment Climate
Investment Climates
Labor Policies
Macroeconomics and Economic Growth
Natural Resource
Natural Resources
Population Policies
Poverty Reduction
Power Parity
Private Sector Development
Pro-Poor Growth
Purchasing Power
Rapid Growth
Social Protections and Labor
Trade and Regional Integration