Explain why have some developing countries such as Malaysia and China managed to close the development...

Explain why have some developing countries such as Malaysia and China managed to close the development gap and catch up economically with the developed countries?

Expert Solution

China and Malaysia manage to close the development gap and catch up economically with developed countries with their progressive policy. China started rebuilding their economy as independent nation in the 1950's. Both economy struggle after the initial Euphoria and faced tremendous challenge in tackling a burgeoning population and a very poor growth rate.significantly the same time for Japan Germany and southeast Asian countries saying miraclus growth rate In there economy.

in 1978 after the death of China liberalised its economy by inviting foreign capital and promoting its coastal areas for investment. Also agriculture was free from state control and one child policy was introduced to reduce population. China and Malaysia focus on labour incentive industries to create jobs for its huge labour forces. Textile garments toys assemble lines electronics are are there main industries which help them to to boost their economy. China created multiple special economic zones SEZ where large tract along the coast where provided with a differential probe businesses ecosystem.

After that China and Malaysia attract over Messi foreign direct investment and become the factory of the world and the largest global importer and exporter. With liberal Bank lending it also enable the growth of large forms which could invest and sustain a virtuous economy cycle for China and Malaysia. Also decentralize economic model that empower provinces to make mini economic decision help reduce bureaucratic bottlenecks. China and Malaysia invested massively in skill development and higher education also they promoted urbanisation by nudging over millions towords cities.

China and Malaysia have merchantile policy it created a foreign currency kitty of over 4 trillion dollar and managed its currency to keep its advantage.

by this way China and Malaysia manage to close the development gap and catch up economically with the developed countries.

Rahul Sunny answered 2 years ago

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