The end of the East Asian economic miracle?
The recent rollercoaster ride taken by the Chinese stockmarket has been taken by many commentators to be a sign of serious imbalances and weaknesses in the world’s second-largest economy. High growth rates have been built, in part, on huge government infrastructure programmes, easy credit and a housing bubble. The Japanese economy has been all but moribund for the past two decades while South Korea has reported a worrying slowdown in growth rates. After many years of catching up with the developed economies in the West, have Asia’s fast-growing economies finally started to hit the buffers or are these just growing pains as broader-based economies emerge?
convenor, IoI Economy Forum
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