By 1962, its share in world income had plummeted to 15%, while its share in world manufacturing had dropped to 6%.
By 2016, it accounted for 30% of world income, 40% of world manufacturing, and over a third of world trade.
Indeed, Asia’s economic transformation in this short time span is almost unprecedented in history.
For Asian countries, political independence, which restored their economic autonomy and enabled them to pursue their national development objectives, motivated and drove this transformation.
Economic growth drove development.