Asian Development Strategies in a Changing World Economy

During the 1960s and 1970s, most developing countries, including those in Asia, increased their economic growth rates in an expanding and favorable world economy. By the end of the 1970s, however, the effects of deep recession in the industrialized countries began to be felt throughout the developing world. The early years of the 1980s have been marked by sharply reduced rates of real economic growth, no expansion in international trade, and stagnating official financial flows to developing countries. There are now promising signs of economic recovery in some major industrialized countries, but the uncertainties about the strength and durability of the recovery, together with the proliferation of protectionist measures in the industrialized countries, make the economic prospects of developing countries far from clear…