What Are Four Asian Tigers?
Hong Kong, Singapore, South Korea, and Taiwan are rising economies known as the Four Asian Tigers. Due to exports and fast industrialization, the Four Asian Tigers have sustained significant economic growth since the 1960s, making them among the world’s wealthiest nations.
Hong Kong and Singapore are major financial centers, while South Korea and Taiwan are vital hubs for manufacturing automobiles, electronics, and IT.
Understanding the Four Asian Tigers
The Four Asian Tigers, sometimes known as the Asian Dragons, have traits like a strong export orientation, educated populations, and high savings rates. The economies of the Four Tigers have shown resilience, surviving local crises like the 1997 Asian financial crisis and global shocks like the 2008 credit crunch.
The Four Asian Tigers are among the 35 most advanced economies, according to the International Monetary Fund.
South Korea’s per capita GDP in the 1960s was comparable to poorer Asian and African countries. The country has grown significantly in the past 40 years due to government policies, credit limits, and import restrictions. In April 2023, South Korea had a GDP of $1.72 trillion, a per capita GDP of $33,390, a 1.5% growth rate, and a population of 51.6 million.
Taiwan has grown over the last 40 years, despite its tense relationship with China. In April 2023, Taiwan’s GDP per capita was $33,910. Due to Chinese pressure, the country is not a UN member, yet it is a consistent exporter. With a GDP of $790.73 billion and a 2.1% growth rate, this nation of 23.3 million people is one of the strongest in Asia.
As a particular administrative region (SAR) in China, Hong Kong has autonomy in all activities except defense. It will reevaluate its relationship with China in 2047. Recent statistics indicate a high level of economic independence in the region. The region has a GDP of $383 billion, a GDP per capita of $52,430, a 3.5% growth rate, and 7.3 million inhabitants as of April 2023.
As of April 2023, Singapore had a GDP of $515.6 billion. It also had a GDP per capita of $91,100, a 1.5% growth rate, and just 5.7 million residents. Singapore is one of the least corrupt nations in the world. Its clear regulatory structure and well-protected property rights provide its private sector with commercial security.
Known as the “Tiger Cub Economies,” Malaysia, Thailand, the Philippines, and Indonesia have expanded steadily despite slower development than the Four Asian Tigers since the 1950s.
- Hong Kong, Singapore, South Korea, and Taiwan are rising economies known as the Four Asian Tigers.
- Since the 1960s, exports and rapid industrialization have driven significant economic development in all four economies.
- The Four Asian Tigers have high savings rates, export-focused economies, and educated populations.