Interpretation of East Asian Development by World Bank

Running head: ECONOMIC ASSIGNMENT
Economic Assignment
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Table of Contents
Introduction......................................................................................................................................2
The World Bank: Role in International Development Knowledge Dissemination.........................3
World Bank’s Interpretation of East Asian Development...............................................................3
Analysis of World Bank’s Interpretation of Economic Growth of Asian Countries.......................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

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Introduction
In the contemporary global economic scenario, one of the most discussed issues of
economic importance is the highly impressive performance of the Asian countries, especially the
East Asian countries in the economic parameters of growth and development. The East Asian
economies have progressed significantly in the economic aspects, in many cases shadowing the
progress of the significantly developed economies of the world, especially the Western ones
(Allen 2012). This immense development of the East Asian economies, specifically the Four
Asian Tigers (Including Hong Kong, South Korea, Taiwan and Singapore) has led many
economists and speculators to coin the term “East Asian Miracle” to the phenomenon of
immense economic growth of the countries (Perkins 2013).
These High Performing Asian Economies (Which includes Singapore, Hong Kong,
Thailand, Taiwan, Indonesia, Malaysia, Korea and Taiwan) have been a topic of immense
speculation and they study analysis among the global policy makers and economists and their
growth model extensively in order to take inspiration from the same for the progress of other
economies across the world. However, their procedure of growth and the reasons behind the
immensely impressive performance of the economies have been interpreted in different ways by
different institutions and people who venture in this aspect (Jstor.org, 2017).
The report takes into consideration the above-discussed phenomenon of rise of the East
Asian countries in the global economy. Taking into account the report of the World Bank
regarding this economic phenomenon (The report termed as “East Asian Miracle”), published in
1993, the concerned report tries to assess the fairness and efficiency with which the World Bank

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has interpreted the success of the High Performing Asian Economies and the reasons behind the
same.
The World Bank: Role in International Development Knowledge Dissemination
Primarily being one of the most reputed financial institutions in the international
economic scenario and being one of the global loan providers, the institution also is one of the
primary sources of information regarding the economic activities and conditions of the globe as
well as almost all the economies in the world. Over the years, the World Bank has proven itself
to be one of the premium and prestigious and reliable sources of information and statistics
regarding the global as well as individual country specific development in terms of economics
(Santos 2012). The institute, acting as a global economic database, is famous for their highly
inclusive, integrated and analytical reports about the different economic phenomena and
activities taking place across the world at different periods of time. The economic phenomena of
the massive progress of the East Asian countries and the High Performing Asian Economies, in
the recent period, has also been analyzed and interpreted by the World Bank in their report “East
Asian Miracle” (1993), which is elaborated in the following sections (Kilby 2013).
World Bank’s Interpretation of East Asian Development
As discussed in the above section, the economic development of the East Asian countries
has been a subject of immense analysis and speculation among the different economists and
institutions across the world, World Bank being no exception. The World Bank, in the concerned
report has tried to analyze the unique growth pattern of the High Producing Asian Economics by
examining the root causes and factors facilitating the growth of the same (Stiglitz and Yusuf
1996).