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Economic development is a multidimensional process which requires many factors working efficiently inan interrelated system. From the inception of country concept, all countries in the world have beentrying to increase economic growth. But economic history tells that only few countries have beensuccessful to achieve desired economic growth while many othercountries are lagging behind their economic goals.During the post war period, when trade liberalisation and economicintegration were emerging issues, there was a major positivechange in economic growth performance in different parts of theworld. In this period many developing countries, especially in EastAsia, have shown tremendous success in developing their economicconditions from a lower-income country to a higher-incomecountry. But at the same time many developing countries, mostly inSub-Saharan Africa, Central and South Asia and Latin America, havenot yet been successful to break the vicious circle of poverty.
Post war period, East Asian countries have shown tremendous success in developingtheir economic conditions from a lower-incomecountry to a higher-income country