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Trade-led Growth

A Sound Strategy for Asia

image of Trade-led Growth
The global economic crisis triggered changes in real economies and trade in all countries, including those in Asia, which adopted the so-called export-led growth model. With these drastic changes in trade flows, and the need to counteract potential adverse effects, the old debate on the advantages and flaws of the export-led model has re-opened. It aims to provide some theoretical and empirical reasons towards an argument that for developing Asian economies, export-led growth is still a valid model of stable, equitable and sustainable growth. It also combines local research with that of established ones. While there is extensive literature focusing on the role of openness and trade in a country’s development, much of it dates to before the most recent global crisis. Volumes that were recently published argue against an export-led growth strategy, while this volume argues in defence of trade-led growth for the Asian region.

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Will trade liberalization in least developed countries help during the crisis? Evidence from the Lao People’s Democratic Republic

Even though the financial system of the Lao People’s Democratic Republic is not directly linked to the global financial system, the global financial crisis is having a negative effect on the country’s economy. According to International Monetary Fund (IMF) projections, in 2009 the world economy was expected to experience negative growth (about -2 per cent) while the growth in emerging and developing economies would decline to 2 per cent. In addition, according to the IMF forecast the economy of the Lao People’s Democratic Republic was expected to grow by 4.5 per cent in 2009 and 5.50 per cent in 2010 (International Monetary Fund, 2009a).

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