Development Models of Developing Countries. Comparative Analysis of Export-oriented and Import-substituting Growth, Evidence Latin America and ASEAN

The paper examines the development models of developing countries, in which a comparative analysis of export – oriented and import-substituting growth models is carried out for two different regions-the ASEAN countries and Latin America. The aim of the work is to assess the impact of key macroeconomic factors on the GDP growth rates of the studied countries. Moreover, it is considered how these factors are interrelated. The following analysis tools are used: literature review, comparative, factorial, and regression analyses. The paper systematically analyzes the main scientific works on this topic and provides an empirical analysis of how economic growth behaves in modern market conditions. Therefore, the conclusions and suggestions of this work can be used in the development of specific recommendations, programs for economic and social reform of developing economies in various parts of the world, as well as in the teaching of courses in “economic theory” and “world economy” in higher educational institutions. In accordance with the goal, the solution of six tasks was set, the key stages of which are the analysis of current literature, a comparative analysis of countries from selected regions, as well as a regression analysis that will help to assess the impact of key macroeconomic indicators.