1945

A number of distinct phases of economic growth have occurred in the Asia-Pacific region over the past four decades. In the 1980s and 1990s, when surplus labour in agriculture began to migrate to jobs in manufacturing and services, regional economies underwent major structural changes. With the emergence of China as the “factory of the world” and the currency adjustments following the 1997 Asian financial crisis, regional economic growth became increasingly dependent on the export of merchandise to advanced economies. When external demand collapsed during the global financial and economic crisis that started in 2008, concerns were raised that the Asia-Pacific region would also be severely affected. However, after a brief downturn, the region’s economic growth rate recovered on the back of fiscal stimulus programmes and rapid credit growth, demonstrating the dynamism of Asia and the Pacific, which accounted for about two thirds of global growth in the years that followed.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
/content/books/9789210579230c002
dcterms_title,dcterms_subject,pub_keyword
-contentType:Journal -contentType:Contributor -contentType:Concept -contentType:Institution
10
5
Chapter
content/books/9789210579230
Book
false
Loading
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error