Average Growth Rates per Decade of Countries in Asia - Economies of Asia

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Summary of economic growth in East and South East Asia. Since 1960s to present

Thursday, 28 September 2017

Average Growth Rates per Decade of Countries in Asia


1960s
1970s
1980s
1990s
2000s
2010s
China
3.38
7.43
10.81
9.99
11.4
6.59
Philippines
5.06
5.79
2.01
2.75
4.46
6.31
Vietnam


4.54
7.42
6.65
6.03
Indonesia
3.54
7.21
5.77
4.31
5.25
5.59
Malaysia
6.55
7.73
5.88
7.25
4.85
5.38
Singapore
8.85
9.42
8.68
7.37
5.37
5.34
Taiwan
9.68
10.15
7.71
6.35
3.47
3.68
South Korea
9.84
10.53
8.82
7.16
4.71
3.48
Hong Kong
8.93
9
8.25
3.64
4.22
3.37
Thailand
7.81
7.51
8.1
5.4
4.63
2.57
Japan
10.45
4.11
4.86
1.65
0.97
0.85





Notes:
Most countries in this list are still using nominal annual growth rate which if compared to the past becomes inaccurate due to inflation and exchange rates. Therefore, real annual growth rate is now being used to accurately see economic growth of a country. For now, Philippines is the only country in the list using adjusted real annual growth rate. Therefore, its values are lower compared to when using nomial annual growrh rate. E.G From 6.2% average annual growth rate for the 70s, it became 5.7% when the adjusted real annual growth rate was used. (Update as of October 4, 2017 ; Countries Updated - Philippines only yet)


Conclusion:
For 40 decades, China is the fastest growing economy in the list. And this growth has propelled it to become the largest economy in the world by GDP PPP in 2015 trailed only by U.S and Japan. 

Japan,  on the other hand, has since greatly stagnated for at least the 1990s after growing exponentially just after world war 2 until the late 1950s. It however is already a trillion dollar economy in the late 1970s and still has manage to grow moderately until the end of 1980s and as a result, managed to increase its economy size 3 times.

South Korea, greatly impoverish after the korean war in the 50s,managed to grow exponential with Japan as its inspiration for growth. So by 1960s, it's only next to Japan in growth.Since becoming a trillion dollar economy in the early 2000s, it has sinced started to slow down which is evident to countries transitioning from developing to developed countries. Also, after 60 yrs of exponential growth of at least 7.4% in average. It is one of the many economies in asia that really stand out and burrowed itself out from poverty and from being one of the poorest nations in asia in the 50s, to one of asia richest nations of today.

Philippines on the other hand, has been growing substantially from the 1960s to 1970s with growth rates no less than 5%. But it has since stagnated in the 1980s due to political instability. It hasn't recovered to mediocre growth for at least 2 decades (3 administrations since Cory Aquino to Joseph Estrada) or (from 1981 to 2000) with  growth rates for 20 yrs of only 2.35%..
When former President Gloria Macapagal Arroyo step in office and took control of the government in 2001. The economy has sinced recovered with an average annual growth rate  4.78%. Which translates to an overall improvement of 2.43% GDP annual growth rate. Since then, the economy has started growing and would grow to become one of the fastest growing economies next only to China for the 2010s. The country could have been growing by 7.1% + in mid 2010s alright had the momentum set by Arroyo been kept. Instead, what it got was half of what former PGMA achive. and got only an average growth of 6.1%. It may be substantial, but not that substantial considering the country could have grown further in those yrs had the PNoy admin been conservative about spending for the countries infrastructure. Hopefully, with the new administration, the economy could grow on average by 7% plus on the low target. and prolly about 8-9.5% on the high end target. Since as what history has shown in the tables above, with an economy like the philippines being on the top performing countries per decade. It could achieve growth of no less than 6% for the next 40-50 yrs and could grow to up to 8.5% per decade should its government pursue projects that would make it grow more.

Also, of all the countries in this list. With the exception of Japan (although it still trails the philippines in terms of average growth rate by only 0.5% ). The philippines is the slowest growing country with average growth rate of 4.4% only while its neighbors are growing mostly at around 6% and above for the last 60 yrs.

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