Asia Takes the Fast Track

While Europe stumbles and the U.S. slows, the economies of the Far East have hardly broken stride in their race for prosperity. Even as recession engulfed much of the Western world in 1981, most non-Communist Asian nations achieved growth rates of between 3% and 7% for the year. In Hong Kong and Singapore, output surged by 10%. These Pacific powerhouses contributed more to the increase in world production than the U.S., Canada and Europe combined Economists expect that the Asian nations will score similar growth gains in 1982.

This performance was all the more remarkable because the Pacific countries are heavily dependent...

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