Is Export Led Growth Passé?
For five decades, developing countries that managed to develop competitive export industries have been rewarded with astonishing growth rates. But, with the US and Europe heading into recession, those days are over, and domestic demand in developing countries is unlikely to take up the slack.
CAMBRIDGE – For five decades, developing countries that managed to develop competitive export industries have been rewarded with astonishing growth rates: Taiwan and South Korea in the 1960’s, Southeast Asian countries like Malaysia, Thailand, and Singapore in the 1970’s, China in the 1980’s, and eventually India in the 1990’s.