Several Southeast Asian economies grew fast enough to be called a "miracle". Others grew slowly or stagnated.
Measure growth by national income and output, usually gross domestic product (GDP), and by income per person.
Singapore grew fastest. Its economy grew by about 8 per cent a year from 1965 to 1997. By the 1990s its income per person had reached the level of rich Western countries.
Malaysia, Thailand and Indonesia also grew fast, by about 7 per cent a year for long periods. In 1993 a World Bank report grouped them with Singapore among the "high-performing" Asian economies. Thailand grew by about 9 per cent a year in the decade before 1997.
The Philippines grew more slowly. Its income per person was higher than Thailand's in 1960, but Thailand had overtaken it by the 1990s. Growth collapsed in 1984-1985 under Marcos.
Burma stagnated under state socialism. Vietnam grew quickly only after the Doi Moi reforms of 1986.
- Singapore
- About 8% a year, 1965-1997.
- Miracle economies
- Singapore, Malaysia, Thailand, Indonesia (World Bank, 1993).
- The Philippines
- Overtaken by Thailand.
Worked example: Comparing growth
How far did economies grow?
- Very fast: Singapore.
- Fast: Malaysia, Thailand, Indonesia.
- Slow: the Philippines.
- Stagnant, then late growth: Burma; Vietnam after 1986.
Watch out for this
All of Southeast Asia shared in the "Asian miracle".
The miracle was concentrated in Singapore, Malaysia, Thailand and Indonesia. The Philippines grew slowly and Burma stagnated.
Check your understanding
What happened to the Philippines compared with Thailand?
- The Philippines was richer per person in 1960 but was overtaken by Thailand.
- The Philippines always grew faster.
- Both stagnated equally.