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In the past decade economic growth in the East Asian region has slowed considerably. There is both a secular and a cyclical component to this slowdown. Secular growth rates are best measured in terms of decades; cyclical growth rates refer to growth during the expansion or contraction within a single business cycle.
The reason for the secular slowdown is that rising land prices and higher wage costs over several decades have gradually eroded the export-competitiveness of these economies and they have reached a state of development where growth becomes more difficult. As a result, previously rapid-growth economies such as Japan, Korea, Taiwan, Hong Kong, and Singapore have seen many of their industries migrate to lower cost areas as their standard of living has risen.
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