Second, most of the countries have achieved rapid economic development for most
of the past 25 years, and longer in some cases. Four of them – Indonesia, Malaysia,
Singapore, and Thailand – were classified by the World Bank (1993) as “miracle”
economies. Since the late 1980s, Cambodia, Lao PDR, and Viet Nam have
successfully engineered a transition from planned to market economies with
significantly increased growth rates and sharp reductions in poverty. The region’s
economic dynamism and steadily expanding cooperation created a virtuous circle,
with increased ASEAN’s regional harmony providing an enabling and more
conducive business environment. Nevertheless, ASEAN membership has been no
guarantee of economic success. Myanmar and the Philippines, for example, were
touted in early development economics literature as being prime for rapid economic
development, yet they have underperformed, the former disastrously so.
Second, most of the countries have achieved rapid economic development for mostof the past 25 years, and longer in some cases. Four of them – Indonesia, Malaysia,Singapore, and Thailand – were classified by the World Bank (1993) as “miracle”economies. Since the late 1980s, Cambodia, Lao PDR, and Viet Nam havesuccessfully engineered a transition from planned to market economies withsignificantly increased growth rates and sharp reductions in poverty. The region’seconomic dynamism and steadily expanding cooperation created a virtuous circle,with increased ASEAN’s regional harmony providing an enabling and moreconducive business environment. Nevertheless, ASEAN membership has been noguarantee of economic success. Myanmar and the Philippines, for example, weretouted in early development economics literature as being prime for rapid economicdevelopment, yet they have underperformed, the former disastrously so.
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