The article looks at Asia's economic growth, its trends and patterns record over the past few years, the influence of government intervention and its sectoral impact. The article begins by looking at the long-running debate over the nature of growth.

The spectacular growth of economies in Asia over the past few years has amazed the economists and has spurred a torrent of books and articles attempting to explain the phenomenon. Since 1960, Asia, the largest and most populous of the continents, has become richer faster than any other region of the world. Asian growth, like that of the Soviet Union in its high-growth era, seems to be driven by extraordinary growth in inputs like labor and capital rather than by gains in efficiency. Of course, this growth has not occurred at the same pace all over the continent. The eastern countries turned in a superior performance, although variations in achievement can be observed here too. This impressive achievement is, however, still modest compared with the phenomenal growth of developed countries in the West. Strong Total Factor Productivity (TFP), rapid accumulation of physical and human capital and trade policy coupled with effective policy intervention have played a vital role in Asia's spectacular success. Naturally, sustainable growth performance and elimination of poverty demand greater role of institutional reforms, industrial development and macroeconomic stability.

It is widely accepted in academic and intellectual discussion that the rise of Asia during the last few decades has significantly reduced its gap with the US; especially in terms of income per capita in other advanced economies. While Latin American and African countries failed to achieve this spectacular growth, Asia's real income per capita increased sevenfold within the last five decades.

Treasury Management Magazine, Asias Economic Growth, Government Intervention, Total Factor Productivity, TFP, Sustainable Growth, Industrial Development, Macroeconomic Stability, Asian Countries, Association of South East Asian Nations, ASEAN, Labor Mobility, Industrial Sector, Agricultural Productivity, Asian Economic Growth, Services Sectors, Information and Communication Technology, ICT, Financial Sector Reforms, Empirical Studies.