XN000022-1992-05-04 — Page 6

MONDAY, MAY 4, 1992

INDUSTRIOUS ETHICS, AND SOME OF THE MACLOED

"BEHIND ALL THIS SUCCESS, FACTORS SUCH AS GOOD LOCATIONS, SOUND MACRO-ECONOMIC POLICIES, OUTWARD-LOOKING TRADE POLICIES, AND DEDICATED WORK FORCES, ADHERENCE TO A GOOD WORK EQUALLY EFFICIENT PRIVATE AND PUBLIC INSTITUTIONS ARE SEEDS FROM WHICH THE ASIAN ECONOMIC MIRACLE' GERMINATED," MR SAID.

DYNAMISM AND RESILIENCE ARE

SALIENT TWO

FEATURES SHARED BY MOST OF THE FAST GROWING ECONOMIES IN THE REGION, HE SAID,

H

"ECONOMIC PERFORMANCE HAS INEVITABLY VARIED SIGNIFICANTLY AMONG INDIVIDUAL COUNTRIES, MR MACLEOD SAID, ADDING THAT THIS REFLECTS DIFFERENCES

ENDOWMENT, IN DEVELOPMENT STRATEGIES, RESOURCE

AND EXTENT OF INFRASTRUCTURAL DEVELOPMENT,

NATURAL CALAMITIES.

STABILITY, POLITICAL

"BUT IT IS ENCOURAGING TO SEE THAT MANY ECONOMIES IN THE REGION

HE SAID. ARE CONTINUING TO MOVE UP THE DEVELOPMENT LADDER,

17

NIES IN

"WE HAVE ALL SEEN THE IMPRESSIVE TAKE-OFF OF THE FOUR THE PAST TWO DECADES AND NOW ANOTHER LEAGUE OF NIES ARE EMERGING,

"THE FACT THAT COUNTRIES IN THE REGION HAVE DIFFERENT ENDOWMENTS AND DIFFERENT POSITIONS IN THE DEVELOPMENT LADDER AMPLE OPPORTUNITIES FOR INTRA-REGIONAL CO-OPERATION IN THE TRADE,

TRANSFER, BANKING INVESTMENT, TECHNOLOGY MACLEOD SAID.

"THROUGH ITS LENDING

RESOURCE PROVIDE AREAS OF AND FINANCE, MR

E

AND

HELPED IN THIS HE ADDED.

OPERATIONS, TECHNICAL ASSISTANCE SUPPORT IN THE AREA OF POLICY REFORMS, THE ADB HAS PROCESS BY PROMOTING EQUITABLE GROWTH IN THE REGION,

GAINED IN OF THE

THE GROWTH IN INTRA-REGIONAL TRADE AND INVESTMENT MOMENTUM IN THE MID-1980'S, SPURRED ON BY AN INTENSIFICATION OUTWARD SHIFT OF MANUFACTURING PROCESSES BY JAPAN IN THE AFTERMATH THE CURRENCY REALIGNMENT FOLLOWING THE PLAZA ACCORD.

"TO ACHIEVE COST-SAVINGS, THE NIES HAVE, IN MORE RECENT

IN JAPAN

RELOCATING ALSO BEEN

THE EXAMPLE OF FOLLOWING INTENSIVE MANUFACTURING OPERATIONS TO NEIGHBOURING ECONOMIES.

OF

YEARS, LABOUR-

PROCESS

TO AN IS CONTRIBUTING

INDUSTRIAL "THIS

EXTENSIVE SHARE OF INTRA-ASIAN RESTRUCTURING

AS A RESULT, THE WITHIN ASIA. EXPORTS IN TOTAL EXPORTS OF THE REGION HAS INCREASED 35 PER CENT IN 1987 TO 41 PER CENT IN 1990.

MARKEDLY, FROM

*THE

WEB

NATURALLY

A

RELATIONSHIPS OF INTRA-REGIONAL ECONOMIC GROWS IN SIZE AND COMPLEXITY AS THE ECONOMIES IN THE REGION ATTAIN HIGHER LEVEL OF SOPHISTICATION.

INDUSTRIAL RETAIL

SERVICES,

* INTRA-REGIONAL INVESTMENT HAS DIVERSIFIED FROM THE SECTOR TO OTHER ECONOMIC SECTORS SUCH AS FINANCIAL TRADE AND PROPERTY SECTOR.

AUGMENTED THE SURGE IN THE VOLUME OF TRADE AND INVESTMENT HAS

THIS HAS GIVEN AN IMPORTANT FOR FINANCIAL SERVICES. THE DEMAND IMPETUS TO THE GROWTH OF THE REGION'S FINANCIAL CENTRES.

/"IN ADDITION,