(a)Explain the differences and similarities between economic growth and economic development, highlighting the aspects indicating Asian Tigers development with appropriate illustrations from the case context.

        The economical growth is the overall increment in the value of things produced in the economy. It also involves the annual augment in the GNP or GDP of the country, in the terms of percentage. It includes significant growth in the per-capita national product, in a specific time period, i.e. the increase in total production growth rate, should be higher than the growth rate of the population. The economic growth is dissimilar with the economic development that is the increase in the country’s economic wealth or some particular area of the country, for its inhabitant’s welfare. The economic growth is very important but not only economic development clause. In a country the economic trend, is the main element for its environment of business.  For example, if an economy rate of growth is high offers a business vision that is promising and therefore builds more confidence in the business(Pettinger & Tejvan, 2015).

Some of the primary differences between economic and development growth are as follow:

1. In the country real output the economic growth is likely to bring a positive change, in an economy particular time span. In the economic development an increase in the production level in economy with technology innovation, living standards improvement etc.
2. Economic growth is said to be a mechanical process. Different to economic development, that is result of result-oriented and planned actions.
3. Economic growth calculated when the overall national income grows, while economic development is the condition when real national income increases and the individual in the country positively affected by this phenomenon.
4. Economic growth linked with the developed economies like Hong Kong, Singapore, South Korea and Taiwan to estimate the life standard, but it is a critical situation for development. In difference to, the economic development can be implemented to all of the developing countries to determine their overall progress.
5. Economic growth can be calculated by estimated the areas of growth in a specific period of time.  It is opposite to the economic development that is a constant process so it can be observe in long period of time.
6. Economic growth is also said to be a subpart of economical development.
7. Economic growth allows an augment in the gauge like per capita income, GDP, etc. In contrast, economic development also allows progress in rate of life expectancy, literacy rate, poverty rates and infant mortality rate.
8. Economic growth is a short-term process that is concern with the annual economy growth. But economic development it is quite a long term procedure that deal with the economic activities over the years and it actually happen with constant economical growth. It can be seen in the case of Asian Tigers that there development happen with constant growth in the economy.

        The Asian Miracle qualified to trading policies and well-built development policies. some of  the similarities of  the economical growth and development that both are suppose to  provide benefits to the economy of nation and life style of people gradually increase by both of them. Both economical growth and development are related with the political and economical policies that are set by the government of country. The Asian Tigers have been contributing towards more effective governmental policies over the years to make the economies grows rapidly and development process in the country could be fasten(Topdifferences.com, 2017).

(a)   Discuss any four macro-economic indicators using illustration of the indicators provided from the case study.

The four main indicators of the macro-economic that are also mentioned in the case study are the following(Pettinger, 2017):

• Real Income (no including transfer payments)

        In the very beginning of the case study it is mention that all of the four Asian Tigers  in the 21 century become one  of the most highly income nations in the  Asia. These four economies have been the sustained growth and distribution of high income levels. By the year 1960s, human capital and physical levels amongst the Asian Tigers far surpass other countries at comparable development levels. This afterward causes a fast development in per capita levels of income. High levels of investments were necessary to the growth of economy in the Asian Tigers; the human capital role was also significant. The education enrollment levels in Asian tigers were higher than their overall income level.

• Real Retail Sales the Asian Tigers and Economic Growth Lessons

        The economies that are export oriented like four Asian tiger nations that get advantage from United States consumption, were strike firmly by 2007-2008financial crisis. By 2008, the four nations GDP knock down by a standard of 15% annualized rate. The overall Exports of the countries also cut down by an annualized rate of 50%. Weak domestic demand also has an effect on these economies recovery. In 2008, retail sales fell 6 percent in Singapore, 11 percent in Taiwan and 3 percent in Hong Kong.

• Industrial Production of the Asian Tigers and Economic Growth Lessons

            The Asian Tigers were distinguished for upholding fast industrialization and extremely high growth rates between 1960s and 1990s. The World Bank report approved profit from policies of the financial sector repression, for instance lower market interest rates imposed by state for loans to definite industries of exports. This is extremely discussed, and a lot have argued that industrial policy had a more authority as compare with World Bank report recommended. The Singapore and Hong Kong came up with trade rule that were encouraged free trade and neoliberal, at the same time as Taiwan and South Korea took on mixed commands that put up their export industries. The South Korea, Singapore and Taiwan governments also worked to encourage particular exporting industries that termed as export push plan. The Confucianism culture have been well-suited with industrialization since it valued hard work, loyalty and stability and respect to authority statistics.

• Employment of the Asian Tigers and Economic Growth Lessons

            All of the four countries in Asian Tigers are very conscious about increasing the standards of living of their people. They want the individuals of their nations to grow individually. The countries pay good attention towards the education of the people, in order to improve the personal stills of the citizens and eventually support with good employment for their services.