Ever wondered why the Asia-Pacific region leveled up so fast? 🤔 Welcome to the "Asia-Pacific miracle"—a growth story powered by exports, savings and a knack for grabbing global opportunities.
First up: APEC isn't your typical treaty-based club. It's a chill, consensus-driven forum where leaders from the Chinese mainland, South Korea, Japan and other members brainstorm ideas. Because there are no binding rules, it's super flexible—perfect for stitching up trade tensions. Think of it as the ultimate idea incubator! 💡
Here are the three secret sauces behind the miracle:
- Export-driven firepower: Companies in the region tapped demand from open markets (hello, US!) and scaled up. Instead of shutting borders, governments in the Chinese mainland, South Korea and Japan backed businesses to compete globally.
- High savings game: Citizens saved big—often double the rate of similar Western economies. More savings meant more funds for schools, roads and tech, without piling on debt.
- Absorptive capacity: Think of luck as rain: you need a bucket to catch it. With low energy costs and a skilled workforce, the region had the perfect bucket—strong schools and infrastructure—to soak up opportunities.
This mix fueled a cycle: wage moderation kept spending balanced, savings fueled new projects, and growth kept rolling. 🌏🚀
So next time you tap your phone or scroll through your fave app, remember: you're riding the waves of the Asia-Pacific miracle, built on open trade, smart savings and a shared vision for growth! 🙌
Reference(s):
Asia-Pacific miracle: Exports, savings and absorptive capacity
cgtn.com
