Tag Archives | agriculture Economics, Regional Cooperation, TradeAgriculture and rural development
By Ayumi Konishi. Posted August 1, 2017
One of the most daunting challenges for the countries participating in the Central Asia Regional Economic Cooperation (CAREC) program is how to create decent, sustainable jobs. For far too long, many CAREC countries have relied on the capital-intensive extractives sector to drive their economic growth. However, the slowing down of the global economic growth and reduced commodity prices resulted in the substantial increase in unemployment, especially among the youth.
The story of East Asia’s rapid growth includes ample reference to the export of technologically complex manufactured goods, such as cars and computers. This is the model that has characterized Japan, the Republic of Korea, and Taipei,China. It also provides an example for Asia’s current middle-income countries, including the People’s Republic of China (PRC). They need to develop high-value manufacturing, the argument goes, churning out domestically designed goods or linking into global production networks. Failure to move up the value chain may result in a country getting stuck in the middle-income trap (Zhuang et al. 2012).
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