The economic growth in the countries of Asia-Pacific region Essay

The economic growth in the countries of Asia-Pacific region - Essay Example The paper attempts to establish a quantitative relationship between the economic development and the factors affecting it in a cross-national context with particular reference to East Asian countries. Economic growth in the East Asian region over the last half-century has not been the same in all the countries. The growth in economic performance of a country and the differences underlying the economic conditions of various countries in the region is owing to the factors affecting growth. McKinnon and Shaw emphasize on the critical importance of the development of a country’s financial sector towards the enhancement of its economic growth. They are of the view that economic growth is closely linked with the financial market liberty in a country. Government interference and subjection over the financial sector through different means result in economic deterioration. The past (pre-crisis) and recent (post-crisis) economic boost as noticeable in Malaysia is not a matter of coincidence, rather it has been due to the fact that the factors responsible for economic growth prevail and flourish rapidly in the country as discussed throughout the essay. Malaysia has been one of those few countries in the region to be able to recover quickly from the East Asian crisis and thus has rapidly taken a tremendous development track. On the contrary, the countries having a slower economic growth rate such as Philippines reveal the lagging of factors that undermine a country’s economic growth.