Regarding Asian countries per capita income (as defined by GNP), in the Philippines and India, who have been sluggish in the long-term, it has doubled within the last twenty years, but in other countries it has doubled within ten years, and even five years at the peak in several cases, although there is some variance in timing. On the other hand, as we have seen already, in many cases the structural change shows about 10% reduction in the share of the primary industries within ten years. Chart 1 shows the relationship between both trends. Because the differences between each country are quite pronounced considering the numbers involved, it can only be a rough measurement, but it seems to show a slightly larger structural change than the trend of all developing countries, which show a 10% reduction in the agricultural base with a doubling of income as previously described. (See Chart 1)
Let us now consider the expansion of the manufacturing share, and the relationship between economic growth and increasing production in manufacturing. This is a comparison of the ratios of manufacturing production increases against economic growth, which in other words is a measure of the elasticity value of economic growth in manufacturing production. A high elasticity value indicates an increase in demand of the economic growth which ensures the possibility of maintaining that growth by means of increasing demand on financial investment necessary for example by increased investment.
As Table 4 shows, the elasticity value in Japan and Singapore, whose economies are mature, was only a little above one throughout the seventies and eighties, but in Malaysia and Indonesia, who are in the early stages of development, the value is well above two, and it is also above one in Thailand, but the Philippines are not in the same situation.
The percentage increase of the mining and manufacturing industries which is higher than the GDP percentage increase, as above, has continued the industrial structural change which has increased the share of the mining and manufacturing industries as a result. However, we can't deny that the elasticity value has decreased across all countries and the tempo of the structural change slowed in
