Question

At an international conferance you attended the economic minister of one of the sub- saharan african coountries asked you to comment on the policy directions that promote economic growth what kind of advices can you provide on the based on the experience of east asian counntries over the half century since early 1960?

Answer 1

Based on the experience of east Asian countries the common economic policy was economic and market liberalization followed by east asian countries helped in achieving faster economic growth. Reducing trade barriers and opening up the economy taking into consideration the economic parameters as to what extent open economic policy can be followed can be one of the economic policies that can be implemented. Looking at India as an example a closed economy doesn't nurture economic growth. Economic policies have to be outward looking in order for under developed economies to grow