Despite the recessionary nature of the world economy the Asian Pacific circle has managed to maintain itself as one of the most rapidly growing areas. During 1978, for example, the annual rate of growth in real GDP for Hong Kong, Korea and Taiwan was 10 per cent, 11.8 per cent and 12.6 per cent respectively. Even at the lower end of the table Japan and the Philippines still managed a respectable 6 per cent.
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