dynamic5
and satisfactory compared to Latin
American countries or other developing countries adversely affected by the world crisis in the
early 1980s (see Huges and Singh, 1991), especially some Asian countries e.g., the
Philippines (see Oshima, 1993; Ranis and Mahmood, 1992; Yoshihara, 1995). The growth
rate further accelerated for the four years (1987-1990) and has recorded approximately 10 per
cent per annum since the late 1980s.