... slow down in growth did not expect a collapse in these economies1. The reasons for this were East Asia's continued economic and human development successes in the 30 years before the crisis. Average income in Indonesia, Malaysia and Thailand had quadrupled between 1965 and 1995 and in Korea it had increased seven-fold (Figure 1). Furthermore average life expectancy rose from 57 years in 1970 to 68 years in 1995, well above the average for developing countries (Table 1). There were also significant gains in education with the adult literacy rate jumping from 73 percent to 91 percent in 1995. In particular the benefits of growth in the Asian 5 economies appear to have been widely shared among the population. The incomes of the poorest quintile of the population grew as fast as average income, with exceptional growth in Korea and Malaysia. At the same time the share of the population ...

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