The Role of Natural Resources and Institutions in the Growth Mechanism of Iranian Economy

Abstract

A new driving force of the world economy has been emerging in the Asia-Pacific region since the last decades of the 20th century. The dynamically developing Asian countries have already achieved outstanding results in overcoming backwardness. These countries built up an industrial potential enabling them to appear as competitors of Japan, the European Union and the United States in the world market. Of the newly industrialising countries of Asia, it was the four “Little Tigers”, viz. South Korea, Taiwan, Singapore and Hong Kong that got farthest on the way of closing up to the West. Along with them, however, another group of emerging economies called “New Tigers” came into being, including Malaysia, Thailand, Indonesia and the Philippines. In this group, it was Malaysia and Thailand that implemented the most successful transformation strategy. The author examines the key policy issues and main characteristics of economic development in these two countries, laying emphasis on tendencies observable in technical progress, particularly in the field of manufacturing.