GROWING, GROWING...

For nearly four years, the U.S. has suffered through anemic growth that feels __ more like a lingering recession. Japan's mighty economic miracle seemed to be disappearing under a collapsing stock and real estate market until the government stepped in two weeks ago with an $86.6 billion rescue package. In Europe, the former Communist bloc is struggling to rise from the economic ashes, while countries like Britain are enduring their toughest economic times since the Great _ Depression.

All around the world, economic prospects seem glum at best - except in East Asia. Hong Kong, Singapore, Taiwan and South Korea, the so-called Little ~ Dragons that first began coming of economic age in the 1970s have been joined by a new generation of legendary fire-breathing beasts -Thailand, Malaysia and _ Indonesia. The Super Seven, once known as minor-league producers of junk jewelry and throwaway toys, are leading the world in economic growth. In the process they are leaping from Third World poverty to something approaching First World prosperity. No longer are they shipping their richest raw materials, best fabrics and the cleverest electronic gadgets to the U.S. and Western Europe.

• Instead millions of East Asian consumers are enjoying the newfound affluence they have created - and are creating, renewed boom.

Figures recently released by the Pacific Economic Cooperation Council, the — economic arm of the Asia Foundation in San Francisco, document the Dragons' success story. Malaysia this year is projected to record its fifth consecutive year of

(8.6%), South Korea (7.5%), Taiwan (6.8%), Singapore (6.0%) and Indonesia

(6.4%). Even Hong Kong, where the transition to Chinese rule is causing —

occasional jitters, should grow 5.4%.

After the Tokyo stock market began its steep plunge in 1990, investment experts thought the smaller Asian bourses would follow. But the Hong Kong market is up 55.5% over the past year, and exchanges in Taiwan, Malaysia and

Thailand have held their own. The economic experiments of the Seven are even —

spilling over into Vietnam and southern China. Growth rates there exceed those of the Dragons, although they are starting from lower levels of economic development. Increasingly the Communist hinterland is being integrated into this burgeoning new economic sphere.