Final answer:
Several Asian nations have become dynamic platforms for growth, led by the East Asian Tigers in the late 20th century and followed by China and India's remarkable economic expansions.
Step-by-step explanation:
Throughout the latter part of the 20th century, a group of nations known as the East Asian Tigers, including South Korea, Thailand, Malaysia, Indonesia, and Singapore, became remarkable success stories due to their high economic growth rates and export-led industrialization. These countries, sometimes including Hong Kong and Taiwan, achieved tremendous development milestones, frequently boasting average growth rates of 5.5% real per capita for several decades. Following this wave, in the 1980s, countries like China and India began showing rapid economic progress, with China experiencing annual growth rates between 8% to 10%, and India escalating from about 5% in the 1990s to even higher in the 2000s.
Growth Drivers for the Asian Economies
Emerging markets in Asia flourished principally due to factors such as cheap labor, high technology, aggressive exports, market-oriented economic reforms, and substantial investments in education and physical capital. In the case of China, the implementation of economic reforms around 1980 propelled immense growth, making it one of the fastest-growing economies globally. Similarly, India's rapid development during the late 1990s and early 2000s positioned it as another dynamic platform for growth in Asia.