Four Asian Tigers
Four Asian Tigers | ||
---|---|---|
Hanyu Pinyin Yàzhōu sì xiǎo lóng | | |
Wade–Giles | Yachou szu hsiao lung | |
Tongyong Pinyin | Yàjhōu sìh siǎo lóng | |
Yale Romanization | Yàzhōu sz̀ syǎu lúng | |
Yue: Cantonese | ||
Yale Romanization | aa jāu sei síu lòhng | |
Jyutping | aa3 zau1 sei3 siu2 lung4 | |
Southern Min | ||
Hokkien POJ | A-chiu sì sió lêng |
Transcriptions | |
---|---|
Revised Romanization | asia-ui ne mari yong |
McCune–Reischauer | asia-ui ne mari yong |
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan.[1] Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
By the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of Southeast Asia.[2][3][4]
In 1993, a
Overview
Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Unique to these economies were the sustained rapid growth and high levels of equal income distribution. A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management.[9]
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for
By the end of the 1960s, levels in physical and human capital in the four economies far exceeded other countries at similar levels of development. This subsequently led to a rapid growth in per capita income levels. While high investments were essential to their economic growth, the role of human capital was also important. Education in particular is cited as playing a major role in the Asian economic miracle. The levels of education enrollment in the Four Asian Tigers were higher than predicted given their level of income. By 1965, all four nations had achieved universal primary education.[9] South Korea in particular had achieved a secondary education enrollment rate of 88% by 1987.[9] There was also a notable decrease in the gap between male and female enrollments during the Asian miracle. Overall these advances in education allowed for high levels of literacy and cognitive skills.
The creation of stable
Export policies have been the de facto reason for the rise of these Four Asian Tiger economies. The approach taken has been different among the four nations. Hong Kong, and Singapore introduced trade regimes that were neoliberal in nature and encouraged free trade, while South Korea and Taiwan adopted mixed regimes that accommodated their own export industries. In Hong Kong and Singapore, due to small domestic markets, domestic prices were linked to international prices. South Korea and Taiwan introduced export incentives for the traded-goods sector. The governments of Singapore, South Korea and Taiwan also worked to promote specific exporting industries, which were termed as an export push strategy. All these policies helped these four nations to achieve a growth averaging 7.5% each year for three decades and as such they achieved developed country status.[13]
Dani Rodrik, economist at the John F. Kennedy School of Government at Harvard University, has in a number of studies argued that state intervention was important in the East Asian growth miracle.[14][6] He has argued "it is impossible to understand the East Asian growth miracle without appreciating the important role that government policy played in stimulating private investment".[6]
1997 Asian financial crisis
The Tiger economies experienced a setback in the 1997 Asian financial crisis. Hong Kong came under intense speculative attacks against its stock market and currency necessitating unprecedented market interventions by the state Hong Kong Monetary Authority. South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35 and 50%.[15] By the beginning of 1997, the stock market in Hong Kong, Singapore, and South Korea also saw losses of at least 60% in dollar terms. Singapore and Taiwan were relatively unscathed. The Four Asian Tigers recovered from the 1997 crisis faster than other countries due to various economic advantages including their high savings rate (except South Korea) and their openness to trade.[15]
2008 financial crisis
The export-oriented tiger economies, which benefited from American consumption, were hit hard by the
As the world recovered from the financial crisis, the Four Asian Tiger economies have also rebounded strongly. This is due in no small part to each country's government fiscal stimulus measures. These fiscal packages accounted for more than 4% of each country's GDP in 2009.[13] Another reason for the strong bounce back is the modest corporate and household debt in these four nations.[13]
A 2011 article published in Applied Economics Letters by financial economist Mete Feridun of University of Greenwich Business School and his international colleagues investigates the causal relationship between financial development and economic growth for
Gross domestic product (GDP)
In 2018, the combined economy of the Four Asian Tigers constituted 3.46% of the world's economy with a total Gross domestic product (GDP) of 2,932 billion US dollars. The GDP in Hong Kong, Singapore, South Korea and Taiwan was worth 363.03 billion, 361.1 billion, 1,619.42 billion and 589.39 billion US dollars respectively in 2018, which represented 0.428%, 0.426%, 1.911% and 0.696% of the world economy. Together, their combined economy surpassed the United Kingdom's GDP of 3.34% of the world's economy some time in the mid-2010s. In 2021, each of the Four Asian Tigers' GDP Per capita (nominal) exceeds $30,000 according to
-
Singapore
-
Seoul, South Korea
-
Hong Kong
-
Taipei, Taiwan
Education and technology
These four countries focused on investing heavily in their infrastructure as well as education to benefit their country through skilled workers and higher level jobs such as engineers and doctors. The policy was generally successful and helped develop the countries into more
In relation to higher-level education, there are many prestigious colleges as in most developed countries. In the 2023
Cultural basis
The role of
In 1996, the economist Joseph Stiglitz pointed out that, ironically, "not that long ago, the Confucian heritage, with its emphasis on traditional values, was cited as an explanation for why these countries had not grown."[20]
Territory and region data
Parts of this article (those related to Territory and region data) need to be updated.(June 2024) |
Credit ratings
Country or territory
|
Fitch | Moody's
|
S&P
|
---|---|---|---|
Hong Kong | AA[21] | Aa2[22] | AA+[23] |
Singapore | AAA[24] | Aaa[25] | AAA |
South Korea | AA−[26] | Aa2[27] | AA[28] |
Taiwan | AA[29] | Aa3[30] | AA+[31] |
Demographics
Country or territory
|
Area (km2) |
Population
(2020)[32] |
Population density (per km2) |
Life expectancy at birth (2020)[33] |
Median age (2020) |
Birth rate (2015) |
Death rate (2011) |
Fertility rate (2020) |
Net migration rate (2015–2020) |
Population growth rate (2015) |
---|---|---|---|---|---|---|---|---|---|---|
Hong Kong | 1,106 | 7,496,981 | 7,140 | 85.29 | 45 | 0.8% | 0.6% | 0.87[34] | 0.40% | 0.82 |
Singapore | 728 | 5,850,342 | 8,358 | 84.07 | 42 | 0.9% | 0.45% | 1.10[35] | 0.47% | 0.79 |
South Korea | 100,210 | 51,269,185 | 527 | 83.50 | 44 | 0.8% | 0.51% | 0.84[36] | 0.02% | 0.09 |
Taiwan | 36,197 | 23,816,775 | 673 | 81.04 | 42 | 0.8% | 0.66% | 0.99[37] | 0.13% | 0.18 |
Economy
Country or territory
|
GDP (millions of USD, 2021 estimates) | GDP per capita (USD, 2022 estimated) | Trade (billions of USD, 2016) |
(billions of USD, 2017) | Industrial growth rate (%) (2017) | |||
---|---|---|---|---|---|---|---|---|
Nominal | PPP | Nominal | PPP | Exports | Imports | |||
Hong Kong | 369,722 | 488,654 | 49,850 | 65,403 | 1,236 | 496.9 | 558.6 | 1.2 |
Singapore | 378,645 | 615,293 | 79,576 | 107,677 | 917 | 372.9 | 327.4 | -3.5 |
South Korea | 1,823,852 | 2,503,395 | 34,944 | 48,309 | 1,103 | 577.4 | 457.5 | -1.5 |
Taiwan | 785,589 | 1,443,411 | 36,051 | 61,371 | 604 | 344.6 | 272.6 | 1.2 |
Quality of life
Country or territory
|
Human Development Index (2021 data) |
Income inequality by Gini coefficient |
Median household income (2013), USD PPP[38] |
Median per-capita income (2013), USD PPP[38] |
Global Well Being Index
(2010), % thriving[39] |
---|---|---|---|---|---|
Hong Kong | 0.952 (4th) | 53.9 (2016) | 35,443 | 9,705 | 19% |
Singapore | 0.939 (12th) | 46.4 (2014) | 32,360 | 7,345 | 19% |
South Korea | 0.925 (19th) | 34.1 (2015) | 40,861 | 11,350 | 28% |
Taiwan | 0.926 (–)[a] | 33.6 (2014) | 32,762 | 6,882 | 22% |
Technology
Country or territory
|
Average Internet connection speed
(2020)[45] |
Smartphone usage (2016) |
Use of renewable electricity
|
---|---|---|---|
Hong Kong | 21.8 Mbit/s | 87%[46] | 0.3% |
Singapore | 47.5 Mbit/s | 100%[47] | 3.3% |
South Korea | 59.6 Mbit/s | 89% | 2.1% |
Taiwan | 28.9 Mbit/s | 78%[48] | 4.4% |
Politics
Country or territory
|
Democracy Index (2022) |
Corruption Perceptions Index (2022) |
Global Competitiveness Index (2019)[50] |
Ease of doing business index (2020) |
Property rights index (2015) |
Bribe Payers Index (2011) |
Current political status | |
---|---|---|---|---|---|---|---|---|
Hong Kong | 5.28 | 44.86 | 76 | 83.1 | Very Easy (3rd) | 7.6 | 7.6 | Executive-led Special Administrative Region of the People's Republic of China |
Singapore | 6.22 | 47.88 | 85 | 84.8 | Very Easy (2nd) | 8.1 | 8.3 | Parliamentary Republic |
South Korea | 8.03 | 70.83 | 59 | 79.6 | Very Easy (5th) | 5.9 | 7.9 | Presidential Republic |
Taiwan | 8.99 | 75.54 | 68 | 80.2 | Very Easy (15th) | 6.9 | 7.5 | Semi-Presidential Republic |
Organizations and groups
Country or territory
|
UN | WTO | OECD
|
DAC | APEC | ADB | AIIB | SEACEN | G20
|
EAS | ASEAN
|
---|---|---|---|---|---|---|---|---|---|---|---|
Hong Kong | [51] | ||||||||||
Singapore | |||||||||||
South Korea | ( APT )
| ||||||||||
Taiwan | [b] |
See also
- Developed country
- Developmental state
- The Pacific Pumas
- Economic miracle (full list of miracles and "tigers")
- Asian Century
- Baltic Tiger
- Celtic Tiger
- Tatra Tiger
- Newly industrialized country
- Gulf Tiger
- Tiger economy
- Korean Wave
- Miracle on the Han River (South Korea)
- Japanese economic miracle
- Taiwan Miracle
- Taiwanese Wave
- Chinese economic reform
- Tiger Cub Economies
- List of country groupings
- List of multilateral free-trade agreements
Notes
- UNDP does not include Taiwan because it is no longer a UN member state, and is neither included as part of the People's Republic of China by the UNDP when calculating data for China.[40] Taiwan's Statistical Bureau calculated its HDI for 2021 to be 0.926 based on UNDP's 2010 methodology,[41][42] which would place Taiwan at 19th globally in 2021 within the 2022 UNDP report.[43][44]
- ^ Founding member of the United Nations and permanent member of the United Nations Security Council (1945–1971)
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Further reading
- Ezra F. Vogel, The Four Little Dragons: The Spread of Industrialization in East Asia (Cambridge, Massachusetts: Harvard University Press, 1991).
- Hye-Kyung Lee & Lorraine Lim, Cultural Policies in East Asia: Dynamics between the State, Arts and Creative Industries (Palgrave Macmillan, 2014).
- H. Horaguchi & K. Shimokawa, Japanese Foreign Direct Investment and the East Asian Industrial System: Case Studies from the Automobile and Electronics Industries (Springer Japan, 2002).
- Kim, Eun Mee (1998). The Four Asian Tigers: Economic Development and the Global Political Economy. Emerald Publishing. ISBN 9780124074408.
External links
- BBC report on the Asian Tigers in the aftermath of the 1997 Financial Crisis (includes map of the Asian Tigers)
- ASEAN tigers
- The Elephant at the Gate in China Economic Review