Asian Tigers: Economic Success

Economic development for social welfare is urgent for any state. Clarifying these thoughts and research, ALM Fazlur Rahman published a book on economic success of Asian Tigers in 2006 from Bangla Academy. The author dedicates the book to sustainable economic change and collective development of Bangladesh.  

The book deals with the economic perspectives of South Korea, Hongkong, Taiwan and Singapore; role of Association of South East Asian Nations (ASEAN) in socio-cultural exchange, regional economic cooperation and development; role of Asia Pacific Economic Cooperation (APEC) in regional business, trade and socio-economic development; Japan- Bangladesh relations for economic enrichment; politico-strategic concept; and development strategies of ‘tiger’ countries.

The writer analyses how pragmatic resources allocation links to macroeconomic development, essence of growth, savings and interest rate, labour markets, foreign technology and capital allocation. Rahman clarifies the importance of Asian Tigers’ success through regional economic cooperation and how it facilitates industry, agriculture, transport, trade and foreign exchange and export promotion.   

The researcher mentions Bangladesh is a small country, it has a number of natural resources. Economic development, urbanisation, industrialisation, transportation and communication systems are the result of a proper utilisation and management of natural resources. It is common that the presence or absence of natural resources need not stop a country from getting rich, whereas it influences the process of getting rich both negatively and positively.

Countries lagging behind in growth _ Nigeria, Zambia, Sierra Leone, Congo and Angola _ are all resource-rich, while countries like Japan, the Netherlands and known Asian Tigers _ South Korea, Taiwan, Hong Kong and Singapore _ are all resource-poor, but growth smart.

Despite the poor amount of natural resources, the four Asian Tigers are committed to economic development through exploration, extraction and management of natural resources by their own national agencies and capacity. Regarding the resource-curse model, extended hand of rent-seekers, influences of international companies, gap between policy formation and implementation, Bangladesh is still struggling to explore, utilise and manage her natural resources by its own national agencies and capacity. But natural resources may boost economic trends in Bangladesh if proper homegrown development strategy can be formed and implemented.

The context of economic development in Southeast Asian countries, known as ‘tiger’ countries, has been a success story and that has become an example for developing countries. The outcome of their strategic decision ensured a rapid and steady growth rate in their economic field. The growth pattern of their economic boom may some as a lesson for other countries, particularly for Bangladesh.

The book is very fundamental in contemporary context as we are going to be a middle-income country by 2021 and a developed country by 2041. We have to adapt society, people and environment-oriented strategies for economically enriched, socially acceptable, environmental sustainable and humane Bangladesh.

This slime volume would be suitable read for trade and economic researchers and development think-tanks. n

Reza is an environmental analyst and

Akter is an urban planner.