GROWTH AND STRUCTURAL CHANGE IN SAARC ECONOMIES

Abstract

This paper aims to analyze the growth and structural changes in the SAARC countries in the last two decades. Afghanistan has not been included in the study as it became the member of SAARC only in 2007. In view of the fact that India is emerging as one of the rapidly growing economies, it is important to study the changes, if any, in the economic structure of its neighbouring countries. The structural transformation in these countries can be defined in terms of certain common indicators: a declining share of agriculture in GDP and value added in the economy, rural-tourban migration that stimulates the process of urbanization; the rise of a modern industrial and service economy; and a demographic transition from high rates of births and deaths to low rates of births and deaths. Certain other economic indicators including saving and capital formation as well as their debt-GDP ratios will be reviewed over a period of last two decades

Keywords

• SAARC, Structural Transformation, Growth

References

1. Asian Development Bank (2009), Key Indicators for the Asia and the Pacific, www.adb.org/documents/books/key_indicators, (accessed 10.05.2009)
2. Bah, E.M. (2008), ‘Structural Transformation in Developed and Developing Countries’, Munich
3. Personal RePEc Archive (MRPA) Paper No. 10655, http://mrpa.ub.uni-muenchen.de/10655/ (accessed 12.05.2009).
4. Chenery, H.B. (1979), Structural Change and Development Policy, New York: Oxford University Press.
5. Chowdhury, K (2004),“ Convergence of Per Capita GDP Across SAARC Countries”. University of Wollongong, Working Paper Series, WP 04-07. Wollongong NSW 2522 , Australia : University of Wollongong.
6. Central Bank of Sri Lanka (2008), SAARCFINANCE Governors’ Symposium “South Asia’s Recent
7. Growth and Future Prospects”, http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/cfs/G_%20Sym_pub.pdf. (accessed 05.2009)
8. Fisher, A.G.B. (1935), The Clash of Progress and Security, London: Macmillan.

9. Fisher, A.G.B. (1939), “Production, Primary, Secondary and Tertiary”, Economic Record, Vol. 15, pp 24-38.
10. Kuznets, S. (1966), Modern Economic Growth, New Haven, CT: Yale University Press.
11. Kuznets, S. (1971), Economic Growth of Nations: Total Output and Production Structure,
12. Cambridge, MA : Harvard University Press. Mckay, Julie, Maria Oliva Armengol and Georges Pineau eds.(2004),“Regional Economic
13. Integration in a Global Framework”, European Central Bank. United Nations (2006), World Economic and Social Survey- Diverging Growth and Development, www.un.org/esa/policy/wess/wess2006files/wess2006.pdf, (accessed 02.05.2009)
14. World Bank (2009), World Development Indicators, http://data.worldbank.org/indicator, (accessed 05.2009)