Balance of Economic Development of APR Countries
Abstract
The article is devoted to the issues of the balance of economic development of APR countries – the state of the system in which its key parameters have the optimal ratio that contributes to the existence and development of the system. It determines the possibility of achieving a balance between economic efficiency and social justice. This balance is a prerequisite for sustainable and balanced economic development.
The article measures how the situation in APR countries has changed over the analyzed period by the main characteristics of the studied combination of countries according to values calculated under the author's methodology. It was revealed that during the analyzed period, the quantitative and qualitative composition of the group of countries has changed. The APR countries were classified by the indicators describing the balance of their economic development. As a result of the differences in the economic dynamics, major differences in levels of economic development among the groups of countries and regions were outlined. While the differences in the levels of per capita income declined over the past half century in the industrialized Western countries, they increased on the periphery of the world economy. Changes in the economic situation of individual countries (groups of countries) are determined by a variety of factors and conditions. They are differences in the scale of the national economy, mineral resources endowment, approaches to the implementation of development strategies, terms of international trade, demographic situation and external debt burden.
The authors concluded that there is high differentiation in indicators describing the balance of economic development in the countries of Asia-Pacific region. A sufficiently large number of states are not attractive for investments, with a small resource and financial potential – as a consequence, this undoubtedly affects the social problems related to such important areas as education and health.
Cluster analysis of the APR countries was conducted. The basic directions of development of the APR countries were identified in order to ensure their balanced economic development. Trend models describing the balance of economic development of individual APR countries were created.
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