Success Factors of East Asian Economic Development: Learnings for a Developing Country like Bangladesh

Abstract

This article has tried to explore the success factors of East Asian economic development by highlighting seven "stylized realities," which include the contributions of structural change and technological change to industrialization and growth, as well as the functions of governments, productivity, investment, and exports. This piece of writing also highlights what other emerging nations such as Bangladesh can learn from the history of East Asian economic development. This is a theoretical study that relied on secondary data. Reference journals, books, local and foreign articles, working papers, websites of relevant organizations, and local and international newspapers were used to compile the data. This essay contends that Bangladesh can learn valuable lessons from East Asia's development experience. However, "development" cannot be directly copied from elsewhere because it is the result of specific socially structured conditions and the process of changing those conditions. Different economies and institutions may learn different lessons from East Asia, depending on the problems they face, their desire and ability to address problems, as well as the circumstances under which they do so.