Open and Closed Economies by Roderick Macdonald

Author:Roderick Macdonald
Language: eng
Format: epub
ISBN: 9783030795344
Publisher: Springer International Publishing

Table 3.2Growth of larger ASEAN economies. Statistics report the relationship between GDP per capita in 1962 and 1995, with the exception of Vietnam. World Bank national accounts data, and OECD National Accounts data files

Country

Ratio 1995/1962

CAGR 1962–1995 (%)

Philippines

1.37

1

Malaysia

4.70

7

Thailand

7.36

9

Indonesia

4.25

6

Myanmar

1.32

1

Viet Nam (1970–1995)

2.07

3

The following sections will first examine how the Philippines became a closed economy and then analyse the economic performance that resulted from that closure in greater detail. Finally, the current performance will be explained partly by a timid opening of the economy since the 1990s, and partly by some growth in GDP that is not an increase in the capacity to produce wealth—unless you blindly define wealth as GDP.

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