Rapid Economic Growth In East Asian Countries Over the past decade, there has been rapid long-term economic growth for East Asian countries. These newly industrialising countries are experiencing growth rates in GDP per head at around 6% to 7% compared to the 2% to 3% for most industrial economies. If this growth continues, South Korea and Taiwan might take away America's distinction as the world's richest country. This rapid economic growth is a result of several economic and political factors. The pace of economic development, growth in world trade and communications, and the investment in physical capital and educa