Asia and Africa in the Global Economy

Asia and Africa in the Global Economy

Asia and Africa in the Global Economy

Asia and Africa in the Global Economy

Synopsis

This publication considers the different economic experiences of countries in Southeast Asia and sub-Saharan Africa, in terms of policy, institutional and structural aspects, divergence in economic growth and performance levels, and the extent of their integration into the global economy. Chapters discuss a variety of issues including the dynamics of globalisation, local entrepreneurship, exports, foreign direct investment, management of financial flows, foreign aid, debt and development.

Excerpt

Since the growth performance of Southeast Asia (SE Asia) and SubSaharan Africa (SSA) began to diverge markedly in the 1980s, the highly positive economic performance of Southeast Asia in the precrisis period had frequently been juxtaposed with the much less commendable achievements of Sub-Saharan Africa in the past. (See Table 1.1 and Figure 1.1 for comparative economic growth performance of Asia and Africa during this period). While the performance at both the macro- and micro levels show great disparity, one of the most obvious differences in the performance and economic structure of the two regions has been the extent of participation in the global economy. As Asia has increased its participation in the world economy so has Africa shrunk its participation. Prior to the onset of the Asian crisis in 1997, the economic performance of four Southeast Asian countries – Indonesia, Malaysia, Singapore, and Thailand – was popularly regarded as a “miracle” along with that of other high-performing economies of Northeast Asia, i.e., Japan, Hong Kong, South Korea, and Taiwan. Their development experiences were popularly presented to policy makers in Africa as attractive examples to draw lessons from.

Indeed, following aggressively the “outward-oriented development strategy,” many East Asian economies had not only accelerated the process of integration into the world economy but also upgraded their modes . . .

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