Today's rapidly growing economies are classified as Newly Industrializing Countries or NICs and most of the NICs are located in Asia. Despite the current economic crisis, which remains as a mystery, NICs experienced a rapid economic growth over the last 40 years. Economic growth refers to an increase in the productive capacity of an economy.
Japan was the first country to experience a rapid economic growth in Asia. Its economy continued to expand rapidly from the mid-1950s through the 1960s. The annual growth rate averaged close to 11% in real terms for the decade of the 1960s. This compa…
