The Four Asian TigersFour Asian Dragons or Four Little Dragonsin Chinese and Koreanonly the "dragon" terms are usedare the economies of Hong KongSingaporeSouth Korea and Taiwanwhich underwent rapid industrialization and maintained exceptionally high growth rates in excess of 7 percent a year between the early s mids for Hong Kong and s. By the early 21st century, all four had developed into high-income economies developed countriesspecializing in areas of competitive advantage. Hong Kong and Singapore have become world-leading international financial centreswhereas South Korea and Taiwan are world leaders in manufacturing electronic components and devices.
Organised by the government and several research institutions, the convention brought back a name that had slowly faded into oblivion. I have no way to tell if the initiative was meant to bring back the good old days or just to show that the government is forward-thinking. Malaysians growing up in the s and 90s should be familiar with the term "Asian Tigers" which to many of that era marked a golden age for this part of the world.
Although the country is not part of the United Nations, due to pressure from China, it has nevertheless emerged as a reliable exporter. Although it has only 5. Considered one of the least corrupt nations in the world, Singapore has a notoriously transparent regulatory environment and well-secured property rights, which provide valuable commercial security to the private sector.
Major leaps in air telecommunications and air travel coupled with probable world peace indicated that world countries were opening up their borders and thus the Four Tigers took advantage of this opening. The four countries had viable trade economiesestablished portshigh literacy levels and advanced infrastructure inherited from their colonial masters. Singapore is one of the smallest nations but has the highest GDP between the four asian tigers. Owing to this development, the Asian Tigers took advantage of the situation since they were quite poor in the s; these countries had plenty of inexpensive labor.
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These regions were the first newly industrialized countries. They are known because they had very high growth rates they became rich very fast and fast industrialization between the early s and s. Four economies are currently well rich economies developed countries.
Hong Kong, Singapore, Taiwan, and South Korea — we know these countries to be among the most productive and profitable in the world. In fact, just last year the last of the Four Asian Tigers officially overtook Japan in terms of GDP, placing them second only to China in terms of economic success. So what is the story behind the Four Asian Tigers?
How did they manage to climb up the financial scales? What important lessons can we learn from them? Read on to find out the answers to these frequently asked questions. Also interesting: read about a virtual dataroom for your secure document transactions.
Inthe Asian Tigers had a lack of natural resources and a small amount of farmland. They were also overpopulated, poor, and could not feed their own populations. Not surprisingly, they had low capital resources for development, and thus they faced some of the same general problems as Japan.
Throughout the decades in the s and s, the Japanese economy was envied for its unrelenting growth. By the s, Japan catapulted to become the second largest economy in the world. As you saw in the opening chart, even more recent projections from another source show that all four Asian Tigers have now all officially leapfrogged Japan in terms of GDP per capita PPP. Hong Kong would be the next to do so inand Taiwan would jump ahead during the Financial Crisis.