Catching-up with the west in economic development: the case of Malaysia
AbstractUsing a geometric growth model this paper shows that, given certain assumptions, the target of reaching an annual GNP per capita equal to US $ 10,000 which Vision 2020 considers adequate for acquiring a fully developed nation’s status by that year may remains attainable despite the recent currency turmoil. The real difficulty is that the minimum income level that the World Bank sets to separate the developed (High Income) countries from others is increased by about 4.3% each year. If we incorporate this variation, as we should, in the model, catching up with the West becomes a far cry for most of the developing countries including Malaysia. In fact, being in that race, may cause more harm than good to the socio-economic fabric of these countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 3008.
Date of creation: 1998
Date of revision:
Publication status: Published in Indian Economic Journal 2.46(1998): pp. 126-135
Economic development; catching up; Vision 2020;
Find related papers by JEL classification:
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
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- Islam, Rafikul, 2010. "Critical success factors of the nine challenges in Malaysia's vision 2020," Socio-Economic Planning Sciences, Elsevier, vol. 44(4), pages 199-211, December.
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