Q-Newly Industrialising Economies? (1 Viewer)

[Sparcod]

Some Qs.
What are the characteristics of NICs?
How did they start off? (FDI, capital inflow, govt policies, newly found natural resources??)

Do we have to know about the 1997 Asian recession? (it slowed Asia's high economic growth didnt it?)
Also, can transition economies (eg. Poland, former USSR states) be counted as NICs?

Thanks to all those who help.

 

[whatdafork]

NICs are characterised by their high per capita incomes and the enormous amounts of economic growth they experienced during the 90s. NICs have essentially shifted form being developing nations into developed/advanced countries. This has been achieved through adopting a free market economic system with govt. intervention being used to select suitable industries for development and also apply appropiate domestic reforms.

NIC's are also characterised by their high emphasisi on export led growth, high levels of domestic savings and foreign investment as well as well educated workforce.

As for the Asian recssion, I suppose you might need to just have a basic understanding of it. I mean just know what is it, how it happened (capital flight) and the effects of it. Since my case study was for South Korea, I had to refer to the Asian recession, but that's about all I have on it.

I thought transition nations were known as developing countries although I'm not too sure about Poland.

 

[Sparcod]

Thanks.

Transition economies had negative economic growth in the 90s but have reached high levels from the start of this century. Can someone confirm this?

 

[Demandred]

Not all transition economies are experiencing high growth.

 

[Sparcod]

Surprising Statistics From World Bank. (picked out randomly)
Economic Growth 2004
Australia...2.7%
USA...2.4%

China...8% NIE
Turkmenistan...14.9% transition (woah!thats high, i'd call that NIC)
Sierra Leone..6.3% poor country

Go Sierra Leone! It's doing better than usa and australia.

 

[mitsui]

hmm transition economies sometimes overlapping wif the NIC
- transitional economies are socialist economies prior the collapse of socialism in 1980s
- they changed from central planned economies to market economics since 1989, thus most countries such as Poland, Hungary, the Czech Republic experienced great growth during the 90s.
- however, it varies. example Georgia, Moldova and Tajikistan

 

[BlackDragon]

what were Thailand's main strategies for economic development between 1960's and now? exactly as whatdafork said?

 

[Demandred]

Many many many books has been written on the growth of the Asian tigers, its very long and I am not going to type it here. I can point you in the right direction:

- Strategic trade policy
- Flying geese paradigm (VERY IMPORTANT)
- High capital formation

I don't think it is necessary to know about the Asian Financial Crisis unless of course you're discussing about a globalised economy within the essay section.

 

[Sparcod]

The 1997 Asian Currency Crisis ended decades of high gdp growth and high manufacturing export growth.
These days, the nic's are facing competition from low-wage countries such as India and china.
(Is india an NIC? Are all NIC's asian?)

There is a difference between transition and NIC's...
Transition economies are economies which were formerly planned communist (and were part of the soviet union) but have made the move to become a capitilist, free-enterprise market economy. Stats show that they started off badly in the 1990s but improved during the early 21st century. Am i right?

 

[Sparcod]

NICs are characterised by their high per capita incomes and the enormous amounts of economic growth they experienced during the 90s. NICs have essentially shifted form being developing nations into developed/advanced countries. This has been achieved through adopting a free market economic system with govt. intervention being used to select suitable industries for development and also apply appropiate domestic reforms.

NIC's are also characterised by their high emphasisi on export led growth, high levels of domestic savings and foreign investment as well as well educated workforce.

Are you talking about a transition economy?
Ok, we know how transition economys began the boom. How did NICs begin their boom..just domestic reforms eh??

 

[BlackDragon]

what has been the role of the IMF and WTO in developing thailand and new industrialised nations in general? and i'm looking for data on the real GDP or just raw GDP of thailand since 1980 can anyone help? thanks