EAST ASIA: DIVERSIFICATION OF ECONOMIC GROWTH SOURCE
Restrained pace of world trade, stemming mainly from lower demand of western developed countries, and “balance of power” shifts in global economy compel East Asian countries, mainly developing ones, to revise their national economic strategies and diversify sources of economic growth. The research’s main goal is to reveal contemporary trends in searching for new sources of economic growth by East Asian countries amid lower pace of global trade and need to enhance regional financial stability. Using techniques of quantitative and qualitative analysis the author examines in the present work contemporary shifts in East Asian countries’ strategies of economic growth. The author examines East Asian countries’ measures that aim to stimulate domestic demand and investments, to lower saving rates and reduce global imbalances, reveals regional shift from economic strategies, led mainly by foreign trade towards higher domestic demand and investments. The research results in structuring core trends in changes of East Asian countries’ economic growth strategies. The recent years (2010-2014) have seen gradual lowering of foreign trade “contribution” to East Asian countries’ GDP augmentation, more active exchange of investments in comparison with trade development, and formation of economic growth model towards higher domestic demand and better developed private sector, being stimulated by fiscal and monetary instruments.