SSWA Development Paper 20-03 – Asia’s Paths to Industrialization and Prosperity

SSWA Development Paper 20-03 – Asia’s Paths to Industrialization and Prosperity

Date: 
Monday, October 5, 2020
Type: 
Public information and advocacy materials
Abstract

Transformation of Asia from its status as the most impoverished region to the growth locomotive of the world economy within past five decades is unprecedented and dramatic. Led by East Asian countries, the industrial transformation and socio-economic progress may have lessons for the late comers in the continent and beyond such as India. The transformative potential of industrialization has also been recognized by the Agenda 2030 on Sustainable Development. The compulsions of rebuilding the Indian economy in the aftermath of COVID-19 shock makes such focus on manufacturing-based industrialization even more critical, as emphasized in the recent policy pronouncements by the government. An analysis of the East Asian experience would be extremely timely for policy formulation for India and other late comers in South Asia. This article presents a selective overview of the analysis and lessons coming out from the three recent studies and other supportive evidence that could be useful for countries like India, seeking to emulate the footsteps of the East Asia countries.

JEL Code(s): L52, N15, O14
Key words: Structural transformation, Economic growth, Industrial policy, East Asian, Industrialization, South Asia, India

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