The Contours of Economic Growth

Abstract

All the five economies under study, Hong Kong, Japan, Korea, Singapore, and Taiwan, have experienced very high growth rates in the post-war period, especially since the late 1950s. Their growth rates are not only high by Asian standard, but also in respect of other developed and developing countries. This chapter aims at presenting the various dimensions of growth in the five economies, viz. the growth of GDP and GDP per capita, the growth of the labour force and population, and the growth in capital and its related aspects. The data presented in this chapter will on the one hand give a general idea of the contours of economic growth in these five economies, and on the other hand form the basis on which we can formulate and test hypotheses of growth and development to explain the causes and effects of economic growth in these hyper-growing Asian economies.