UNDERSTANDING EAST ASIA’S SUCCESS
Superior Accumulation account for growth in the HPAEs:
Private domestic investment: high levels of domestic savings
sustained high investment levels.
Rapidly growing human capital.
Agriculture although declined in relative importance, but experienced
rapid growth.
Manufactured exports grew rapidly by absorption of foreign
technology
Population growth declined more rapidly in HPAEs than other DCs,
leads to growth in per capita consumption, larger surplus for
reinvestment
Better at allocating resources to high-return activities.
High productivity growth; change in total factor productivity.