Gary Dean - Posts

Indonesia's Economic Development

 – in comparison to South Korea and Taiwan

The rapid pace of economic development in East Asia over the past few decades has awed the world. This is particularly so for the so-called Newly Industrialising Countries (NICs) which include South Korea and Taiwan, together with the city-states of Singapore and Hongkong. Since the 1980's, these states have experienced very rapid growth rates, especially South Korea and Taiwan, which have recorded annual GDP growth of 9.7% and 8.3% respectively during the period 1980 to 1990. By comparison, Indonesia during this same period recorded 5.4% annual GDP growth, which whilst still a fast rate of economic growth, comes nowhere near that of South Korea and Taiwan.[1] This paper shall focus on the recent economic development in Indonesia, and attempt to contrast it with that of Korea and Taiwan. It shall attempt to explain why such relatively large differences in economic gro

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