Ruchir Sharma The Myth Of The Asian Century
But while investors are getting increasingly accustomed to the notion of a secular decline in Japan’s economic might, it is the relative underperformance of Asia’s many developing countries that’s truly surprising them. Outside of China, growth in East Asia has averaged 5 percent over the past three years, which is well below the global emerging-market average of 6.5 percent and a distant cry from the 8 to 9 percent growth rates that were commonplace in many of these countries before the Asian financial crisis in 1997-98....