![]() While these Asian Tigers had similar income level as India in the 1950s, exponential economic growth since then has transformed them into developed countries today. The term contrasts with South Korea's Miracle on the Han River and the Taiwan Miracle. The usage of the term has been criticized by modern neoliberal economists as they believe that the cause of the low growth rate was the failed dirigist model and economic mismanagement. The Hindu rate of growth is a term used by advocates of liberalisation referring to the lower annual growth rate of the economy of India before the economic reforms of 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged around 1.3%. The graph shows GDP per capita of South Asian economies and South Korea as a percent of the American GDP per capita. Both started from about the same income level in 1950. Compare India (orange) with South Korea (yellow).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |