The Innovation Imperative for Developing East Asia by Xavier Cirera, Andrew D. Mason, Francesca de Nicola, Smita Kuriakose, Davide S. Mare, Trang Thu Tran published by The World Bank (2021).
“Countries in developing East Asia have undergone significant economic transformation, but the region now faces an array of challenges in sustaining growth
East Asia’s economic success over the past 50 years has been transformative. High rates of growth have propelled countries in the region from low-income to middle-income, and even in a few cases, to high-income status. An approach that has become known as the “East Asian development model”— a combination of policies that fostered outward-oriented, labor-intensive sectors growth; investments in basic human capital; and sound economic governance—has been instrumental in moving hundreds of millions of people out of poverty and into economic security…”
