Courtesy Reuters

Interest in the future of the Pacific region has been increased in the past year by dramatic events, notably the conclusion of a peace treaty between China and Japan and the normalization of relations between the United States and China. And, over a longer period, the realization has grown that the Western Pacific region-which includes Japan, Korea, Taiwan, Hong Kong, the ASEAN countries (the Philippines, Thailand, Malaysia, Singapore, and Indonesia) and China-is one of the most dynamic areas in the world in terms of economic growth and development.

Although Japan's rate of economic growth since the 1973-74 oil crisis has been reduced from around ten percent to about five to six percent, the country still maintains a higher growth rate than any of the other industrial nations. South Korea, Taiwan and Hong Kong have been growing at about ten percent per annum, even since the oil crisis, and their trade

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  • Dr. Saburo Okita is Chairman of the Japan Economic Research Center (JERC) and Special Adviser to the International Development Center of Japan (IDCJ). Prior to joining JERC in 1964, Dr. Okita had been for seven years the Director General of the Planning Bureau of Japan's Economic Planning Agency, and was in charge of the preparation of the "Doubling of National Income Plan" of 1960. Since 1965, he has been a member of the U.N. Committee for Development Planning, and in 1968-69 was a member of the World Bank's Pearson Commission relating to international development. From 1973 to 1977 he was the President of the Overseas Economic Cooperation Fund-a Japanese government aid financing agency. He is the author of a number of works in Japanese, and of many articles and book contributions in English.
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