THE ASIAN MODELS Dragons and Laggards

The East Asian crisis has captured most of the headlines over the last few years. but the really impressive fact of that region is the East Asian miracle of rapid economic-growth over the last half-century in South.· Korea. Singapore. Hong Kong. and Taiwan. Table 28-2′ compares the performance of the “Asian dragons” to that of the “Latin laggards” and the stagnant economies of sub-Saharan Africa. Even with the crisis of the late 1990s. the East Asian countries show an outstanding growth record.
A recent World Bank study analyzed the economic policies of different regions to see whether
any patterns emerged The results confirmed common views but also found a few surprises. Here are the figure.

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