Conclusion
Emerging Asian countries have had impressive success in sustaining rapid growth
and development over several decades. All of these countries have the potential to join
Japan, Korea and Singapore by rising into the ranks of high income, advanced, economies,
in some cases within the next one or two decades. However the fact that many other
countries have had rapid growth and development in the initial stages only to see their
progress falter and to remain in the middle-income “trap” provides a warning that
difficult challenges will need to be overcome.