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This paper reviews economic growth theories and studies the East - Asian economic growth characteristics. The descriptive analysis shows that the high performance Asian Economies(the HPAEs) have been experiencing continued rapid per capita income growth for over two decades. They have enjoyed the high savings rates, high investment rates, low population growth rates as well. The living standard of these countries tends more and more closer to the U.S. standard. Compare to the Latin American countries, the HPAEs’ achievement is very impressive.
The statistical analysis performed in this paper also offers the insights of the relationship between per capita GDP growth and other factors - investment rate, the degree of openness, manufacturing growth, and the oil crisis. Regression results provided more information on detailed quantitical level. It is conducted that high savings made high investment possible; the manufacturing growth assured exports grow fast; the application of advanced technology and better educated work force guaranteed the productivity growth. Free trade was a considerable factor in the HPAEs high growth. The oil crisis did negatively affect world economy.
The results of this study are consistent with previous studies. However, it addressed the economic growth issue from different levels and angles.
(1996). Economic Growth Performance of Selected Countries. .