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Exploring the economic disparity between Latin America and the Asian tiger economies, the podcast discusses the success of East and Southeast Asia compared to the tepid growth in Latin America. It highlights Singapore as a prime example of business-friendly nations and visits a factory making high-tech credit cards. Economists weigh in on what Latin America can learn from the 'Asian Tigers', emphasizing the importance of openness and innovation.
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Quick takeaways
- Latin America can learn from Asian Tigers' outward-oriented development strategies for economic growth.
- Latin America should focus on STEM education and discipline in labor productivity like East Asia to boost productivity levels.
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The Difference in Economic Growth between Latin America and East Asia
Latin America's share of the global economy has decreased, while East Asia's has increased significantly since 1980. In the past, Latin America was richer, but now East Asians are wealthier due to better development strategies. Countries like South Korea and Singapore thrived through outward-oriented development, contrasting with Latin America's late open-market approach.
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Listen to the best highlights from the podcasts you love and dive into the full episode