It doesn't seem too much different than when I was in South East Asia living in Singapore. The area in the late 80's and 90's was hailed as the new growth for the future.
Yes it did grow, but at some point in time the music stopped and a few people were left without seats as in any game of high stakes investment musical chairs.
When I visited India and the Philippines earlier this year (esp the Philippines) I could see where the investments were but there were still magnitudes of people in squalor and poverty.
History may tell but just remember that China at one time "forgot" that they invented the clock because they closed their borders.
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