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{{short description|Economies of South Korea, Taiwan, Singapore and Hong Kong}}
The term '''East Asian Tigers''' ({{zh-stp|s=亚洲四小龙|t=亞洲四小龍|p=Yǎzhōu sì xiǎo lóng}} (lit. ''Four Asian ]'')) refers to the ] of ''']''', ''']''', ''']''', and ''']'''. They are also known as '''Asia's Four Little Dragons''' (] being a reference to ] in ] and ]). These countries and territories were noted for maintaining high ] rates and rapid ] between the early ] and ].
{{Infobox Chinese
| pic = Four Asian Tigers with flags.svg
| piccap = The Four Asian Tigers, from north to south: ], ], ] and ]
| t = 亞洲四小龍
| s = 亚洲四小龙
| p = Yàzhōu sì xiǎo lóng
| myr = Yàzhōu sz̀ syǎu lúng
| w = {{tone superscript|Ya4-chou1 szu4 hsiao3 lung2}}
| mi = {{IPAc-cmn|ya|4|.|zh|ou|1|-|si|4|-|x|iao|3|-|l|ong|2}}
| tp = Yàjhōu sìh siǎo lóng
| bpmf = ㄧㄚˋ ㄓㄡ ㄙˋ ㄒㄧㄠˇ ㄌㄨㄥˊ
| j = aa3 zau1 sei3 siu2 lung4
| y = aa jāu sei síu lùhng
| ci = {{IPAc-yue|aa|3|-|z|au|1|-|s|ei|3||-|s|iu|2|-|l|ung|4}}
| poj = A-chiu sì sió lêng
| l = ''Asia's Four Little ]''
| hangul = 아시아의 네 마리 용
| hanja = {{lang|ko|亞細亞의 네 마리 龍}}
| rr = asia-ui ne mari yong
| mr = ashia-ŭi ne mari yong
| lk = ''Asia's four dragons''
| msa = Empat Harimau Asia
| tam = நான்கு ஆசியப் புலிகள்
}}
The '''Four Asian Tigers''' ({{a.k.a.}} the '''Four Asian Dragons''' or '''Four Little Dragons''' in ] and ]) are the developed Asian economies of ], ], ], and ].<ref>{{cite journal |last1=Day |first1=Dong-Ching |title=Four Asian Tigers' Political and Economic Development Revisited 1998-2017: From the Perspective of National Identity |journal=Asian Journal of Interdisciplinary Research |date=2021 |volume=4 |issue=4 |pages=54–61 |doi=10.54392/ajir2147 |doi-access=free}}</ref> 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 ], specializing in areas of competitive advantage. Hong Kong and Singapore have become leading international ]s, whereas South Korea and Taiwan are leaders in manufacturing ] components and devices. Large institutions have pushed to have them serve as role models for many ], especially the ] of Southeast Asia.<ref>
] is the ] and hub of economic transactions in Singapore, and is also the home of the ], Asia-Pacific's first demutualised and integrated securities and derivatives exchange.]]
{{Cite web
The four Tigers share a range of characteristics with other Asian economies, such as ] and the ], and pioneered what has come to be seen as a particularly "Asian" approach to ]. Key differences include initial levels of ] and physical access to world markets (in terms of transport infrastructure and access to coasts and navigable rivers, which are essential for cheap shipping).
|url=http://www.afrol.com/articles/22953
|title=Can Africa really learn from Korea?
|date=24 November 2008
|publisher=Afrol News
|access-date=16 February 2009
|url-status=live
|archive-url=https://web.archive.org/web/20081216151452/http://www.afrol.com/articles/22953
|archive-date=16 December 2008


}}</ref><ref>{{Cite news|url=http://www.korea.net/news/news/newsView.asp?serial_no=20080301004&part=103 |title=Korea role model for Latin America: Envoy |publisher=] |date=1 March 2008 |access-date=16 February 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090422054358/http://www.korea.net/news/news/newsView.asp?serial_no=20080301004&part=103 |archive-date=22 April 2009 }}</ref><ref>
== Characteristics of the Tiger economies ==
{{Cite journal
] in ] at dusk.]]
|title=Korean economic growth and marketing practice progress: A role model for economic growth of developing countries
The East Asian Tigers pursued an ]-driven model of economic development; these countries and territories focused on developing goods for export to highly-industrialized nations. Domestic consumption was discouraged through government policies such as high tariffs. The East Asian Tigers singled out education as a means of improving ]; these nations focused on improving the education system at all levels; heavy emphasis was placed on ensuring that all children attended elementary ] and compulsory high school education. Money was also spent on improving the college and ] system.
|last=Leea
|first=Jinyong
|author2=LaPlacab, Peter
|author3=Rassekh, Farhad
|journal=Industrial Marketing Management
|date=2 September 2008
|doi=10.1016/j.indmarman.2008.09.002
|volume=37
|issue=7
|pages=753–757
}}</ref>


In 1993, a ] report ''The East Asian Miracle'' credited ] policies with the economic boom, including the maintenance of ], low taxes and minimal ]s. Institutional analyses found that some level of ] was involved.<ref name="Dictionary human geography">
Since the East Asian Tigers were relatively poor during the 1960s, these nations had an abundance of cheap labor. Coupled with educational reform, they were able to leverage this combination into a cheap, yet productive workforce. The East Asian Tigers committed to ] in the form of ], to promote property rights and to ensure that agricultural workers would not become disgruntled. Also, policies of agricultural subsidies and tariffs on agricultural products were implemented as well.
{{Cite book
|title = The Dictionary of Human Geography
|url = https://archive.org/details/dictionaryhumang00greg
|url-access = limited
|year = 2009
|publisher = Blackwell
|location = Malden, MA
|isbn = 978-1-4051-3287-9
|edition = 5th
|editor1 = Derek Gregory
|editor2 = Ron Johnston
|editor3 = Geraldine Pratt
|editor4 = Michael J. Watts
|editor5 = Sarah Whatmore
|page =
|chapter = Asian Miracle/tigers
}}</ref> Some analysts argued that industrial policy and state intervention had a much greater influence than the World Bank report suggested.<ref name=":1">{{Cite journal|date=1 April 1997|title=The 'paradoxes' of the successful state|journal=European Economic Review|language=en|volume=41|issue=3–5|pages=411–442|doi=10.1016/S0014-2921(97)00012-3|issn=0014-2921|last1=Rodrik|first1=Dani}}</ref><ref>{{Cite book|url=https://books.google.com/books?id=nSqXpDiQ4ggC|title=The East Asian Development Experience|last=Chang|first=Ha-Joon|isbn=9781842771419|year=2006|publisher=Zed Books |access-date=28 September 2020|archive-date=11 April 2023|archive-url=https://web.archive.org/web/20230411205409/https://books.google.com/books?id=nSqXpDiQ4ggC|url-status=live}}</ref>


==Overview==
The common characteristics of the East Asian Tigers are:
{{Webarchive|url=https://web.archive.org/web/20191003094020/https://fred.stlouisfed.org/ |date=3 October 2019 }}.</ref>]]
*Focused on exports to richer industrialized nations
Prior to the ], 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.<ref name="Page 1994">{{Cite book
*Trade surplus with aforementioned countries
|given=John |surname=Page
*Sustained rate of double-digit growth for decades
|chapter=The East Asian Miracle: Four Lessons for Development Policy
*Non-democratic and relatively authoritarian political systems during the early years
|chapter-url=http://www.nber.org/chapters/c11011
*Undervalued currencies
|pages=219–269
*High level of U.S. treasury bond holdings
|doi=10.1086/654251
*High savings rate
|title=NBER Macroeconomics Annual
*A high degree of what is referred to as ''economic freedom''. Hong Kong, Singapore, Taiwan and South Korea are 1st, 2nd, 37th, and 45th respectively on the ]'s ].
|volume=9
|editor1-given=Stanley |editor1-surname=Fischer
|editor2-given=Julio J. |editor2-surname=Rotemberg
|location=Cambridge, Massachusetts |publisher = MIT Press
|year=1994
|isbn=978-0-262-06172-8
|s2cid=153796598
|url=https://www.nber.org/books/fisc94-1
|url-status=live
|archive-url=https://web.archive.org/web/20130202071659/https://www.nber.org/books/fisc94-1
|archive-date=2 February 2013


}}</ref>
], taken from ], ], ]]]
Economic success in Japan, followed by the baby east Asian Tigers, has been attributed to the existence of harmonious labor-management relations. “Industrial Harmony” is this unique “Culture of harmony” that was consciously invented and developed over the last century in Japan. A semi-bureaucratic organization called the “Kyochokai” (The Co-operation and Harmony Society) was established in 1819 to meet the needs of an emerging industrial society. The “Kyochokai” took the lead in trying to define the values which would be suitable for a new Japanese-style industrial society, at the time of great social troubles in industrial Europe. The resulting “invented” tradition has played an important role in the evolution and character of Japanese economic values and behavior of social peace for economic development.


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 ].<ref> {{webarchive|url=https://web.archive.org/web/20150417050303/http://eh.net/encyclopedia/economic-history-of-hong-kong/ |date=17 April 2015 }}, Schenk, Catherine. ''EH.net'' 16 March 2008.</ref> Following Singapore's independence from ], the ] formulated and implemented national economic strategies to promote the country's manufacturing sector.<ref>{{cite web | title = Singapore Infomap – Coming of Age | publisher = Ministry of Information, Communications and the Arts | access-date = 17 July 2006 | url = http://www.sg/explore/history_coming.htm | url-status = dead | archive-url = https://web.archive.org/web/20060713023054/http://www.sg/explore/history_coming.htm | archive-date = 13 July 2006 | df = dmy-all }}</ref> ]s were set up and foreign investment was attracted to the country with tax incentives. Meanwhile, Taiwan and South Korea began to industrialize in the mid-1960s with heavy government involvement including initiatives and policies. Both countries pursued export-oriented industrialization as in Hong Kong and Singapore.<ref name="Hunt2003">{{cite book|author=Michael H. Hunt|title=The World Transformed: 1945 to the Present|url=https://archive.org/details/worldtransformed0000hunt|url-access=registration|date=10 November 2003|publisher=Bedford/St. Martin's|isbn=978-0-312-24583-2|page=}}</ref> The four countries were inspired by Japan's evident success, and they collectively pursued the same goal by investing in the same categories: infrastructure and education. They also benefited from foreign trade advantages that set them apart from other countries, most significantly economic support from the United States; part of this is manifested in the proliferation of American electronic products in common households of the Four Tigers.{{citation needed|date=October 2022}}
Japanese experience appears to challenge unilinear theories of modernization, and to suggest that Japan’s uniqueness lies in the creation of her own kind of modernity, sharply divergent from that to be found in Western countries, and based paradoxically upon a reaffirmation of ancient ] values and native Japanese tradtions of harmony, self-sacrifice and non-individualistic group striving in pursuit of a common cause. Japan’s emphasis on long-term growth, scrupulous market evaluation, and process engineering are all well regarded as important components of its economic development.


By the end of the 1960s, levels in physical and ] 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.<ref name="Page 1994"/> South Korea in particular had achieved a secondary education enrollment rate of 88% by 1987.<ref name="Page 1994"/> 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.
This "Industrial Harmony" is the foundation ("Grund" as it used to be) of "Asian Political economy".


The creation of stable ] environments was the foundation upon which the Asian miracle was built. Each of the Four Asian Tiger states managed, to various degrees of success, three variables in: ], ] and ]. Each Tiger nation's budget deficits were kept within the limits of their financial limits, as to not destabilize the macro-economy. South Korea in particular had deficits lower than the ] average in the 1980s. External debt was non-existent for Hong Kong, Singapore and Taiwan, as they did not borrow from abroad.<ref name="Page 1994"/> Although South Korea was the exception to this – its debt to GNP ratio was quite high during the period 1980–1985, it was sustained by the country's high level of exports. Exchange rates in the Four Asian Tiger nations had been changed from long-term fixed rate regimes to fixed-but-adjustable rate regimes with the occasional steep devaluation of managed floating rate regimes.<ref name="Page 1994"/> This active exchange rate management allowed the Four Tiger economies to avoid exchange rate appreciation and maintain a stable real exchange rate.
== Criticism of the export-driven trade model ==
], capital of ]]]
The East Asian Tigers were strongly affected by the 1997 ], which impacted each Tiger to varying degrees. While Taiwan was not as strongly affected, South Korea was badly battered by the crisis. Because of the focus on export-driven growth, many of the Tigers became caught up in a game of currency devaluation. The current criticism of the East Asian Tigers is that these economies focus exclusively on export-demand, at the cost of import-demand. Thus, these economies are heavily reliant on the economic health of their targeted export nations. In addition, these nations have met difficulties after they lost their initial competitive edge, cheap productive labour. India and China have now emerged as fast-growing economies based on cheap labour, largely replacing the Tigers.


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 ] status.<ref name="Economist 2009">{{Cite news
=== Asian Financial Crisis ===
|title=Troubled Tigers
In the aftermath of the 1997 Asian Financial/Economic Crisis, many so called 'Asian Tigers' countries suffered deep depreciation of their currencies, stock market prices declined and social and political unrest. This was due to the withdrawal of foreign and domestic capital out of the East Asian countries such as ], ], ], ], ], ], and the ]. Prior to the financial crisis, all the Asian economies were enjoying very high economic growth, high interest rates to attract ].
|year=2009
|newspaper=The Economist
|volume=390
|issue=8616
|pages=75–77
|url=https://www.economist.com/briefing/2009/01/29/troubled-tigers
|author=Anonymous
|access-date=6 September 2018
|archive-url=https://web.archive.org/web/20181122141754/https://www.economist.com/briefing/2009/01/29/troubled-tigers
|archive-date=22 November 2018
|url-status=live
}}</ref>


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.<ref>{{Cite journal|last1=Rodrik|first1=Dani|last2=Grossman|first2=Gene|last3=Norman|first3=Victor|date=1995|title=Getting Interventions Right: How South Korea and Taiwan Grew Rich|jstor=1344538|journal=Economic Policy|volume=10|issue=20|pages=55–107|doi=10.2307/1344538|s2cid=56207031|url=http://www.nber.org/papers/w4964.pdf|access-date=27 August 2019|archive-url=https://web.archive.org/web/20180602114911/http://www.nber.org/papers/w4964.pdf|archive-date=2 June 2018|url-status=live}}</ref><ref name=":1" /> 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".<ref name=":1" />
Some economies were becoming overheated, stock prices were overvalued, property prices were sky-high and investors were jittery and nervous. Because of the structural weaknesses in the regulatory framework, once '''capital flight''' began, the stock market nosedived and the major Asian currencies depreciated significantly. This caused social unrest, political instability, regime change and financial bailing out by the ]. This also gave impetus to some Asian governments to impose capital controls to restrict currency outflows and maintain monetary and financial stability. ] maintained a ] to the US Dollar. The ] (Taiwan) created legislation requiring all outgoing capital transfers to be declared. However, there were no direct restrictions.


=== 1997 Asian financial crisis ===
Since the crisis most of the Tiger economies have become financially stable with resilient institutions and companies and regulatory frameworks in place to prevent another crisis. This has also shown many Asian governments that the easy and predictable prosperity of export-led growth and cheap labour costs won't last forever. To better compete with the emerging manufacturing giants like ] and ], they will have to create new industries, move up the value-add chain and create stronger services sectors in their economies.
The Tiger economies experienced a setback in the ]. Hong Kong came under intense speculative attacks against its stock market and currency necessitating unprecedented market interventions by the state ]. South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35 and 50%.<ref name="Pam Woodall 1998 S3-S5">{{Cite news
|title=East Asian Economies: Tigers adrift
|newspaper=The Economist
|year=1998
|publisher=The Economist Intelligence Unit
|location=London; US
|issn=0013-0613
|pages=S3–S5
|author=Pam Woodall
|id={{ProQuest|224090151}}
}}</ref> 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.<ref name="Pam Woodall 1998 S3-S5"/>


=== 2008 financial crisis ===
== Comparisons ==
The export-oriented tiger economies, which benefited from American consumption, were hit hard by the ]. By the fourth quarter of 2008, the GDP of all four nations fell by an average annualized rate of around 15%.<ref name="Economist 2009"/>
=== Other "Tigers"===
Exports also fell by a 50% annualized rate.<ref name="Economist 2009"/>
Over time, the term ''Tiger'' has become synonymous with nations that achieve high growth by pursuing an ]-driven ] strategy. This entails creating ] to attract high levels of ]s. Recently, the ]n nations of ], ], the ] and ] have sometimes been considered ''Tigers'' or the ''Four New Asian Tigers''. The term is not limited to Asian nations; in ], the ] has been called the ] for its rapid growth in the ]s, while ] is known as the ] for its presently high growth rates while ] has also been referred to as the ] for its solid economic policies and rapid export-led growth since the ].
Weak domestic demand also affected the recovery of these economies. In 2008, retail sales fell 3% in Hong Kong, 6% in Singapore and 11% in Taiwan.<ref name="Economist 2009"/>


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.<ref name="Economist 2009"/>
=== Mainland China ===
Another reason for the strong bounce back is the modest corporate and household debt in these four nations.<ref name="Economist 2009"/>
{{main|Economy of the People%27s Republic of China}}
], ] (南京路), one of the world's busiest shopping streets.]]
Comparison between ] and the Tigers can be divided between the ] era and the ] starting with ]. The main question that has been raised with respect to the Maoist era is to what extent the economic performance of the Tigers was reproducible in Mainland China in the 1960s. The main question that has been raised with respect to the post-Maoist era is to what extent the development of the PRC is sustainable.


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 ], ], ], the ], China, ] and Singapore for the period between 1979 and 2009, using ]s and vector ]s. The results suggest that in the case of Indonesia, Singapore, the Philippines, China and India financial development leads to economic growth, whereas in the case of Thailand there exists a bidirectional causality between these variables. The results further suggest that in the case of Malaysia, financial development does not seem to cause economic growth.<ref>{{cite journal |surname1=Mukhopadhyaya |given1=Bidisha |surname2=Pradhana |given2=Rudra P. |surname3=Feridun |given3=Mete |year=2011 |title=Finance-growth nexus revisited for some Asian countries |journal=Applied Economics Letters |volume=18 |issue=6 |pages=1527–1530 |doi=10.1080/13504851.2010.548771|s2cid=154797937 }}</ref>
An important question is the relevance of the experience of the Tigers to current economic growth in Mainland China. In the 1980s it was common to argue that the export-centered growth of the Tigers was of limited relevance to Mainland China because the Tigers were small and any effort to mimic them would result in more exports than the developed world could handle. This objection was later less often raised since the pattern of economic growth has been for exports to trigger economic growth in the coastal regions, and for these coastal regions to serve as markets and triggers for growth in the interior.


== Gross domestic product (GDP) ==
Since the late 1990s, some of the heat has dissipated from this debate, in part because its become of more historical than current interest: as a result of the Deng Xiaoping reforms, the PRC has one of the world's highest rates of per capita ] growth. Furthermore, the ] and ] today both view ] as a common adversary and are much less likely to assert superiority over the other. Ironically, and to the chagrin of many western observers, it is now common for the Communist Party of China to use the experience of the Asian Tigers as justification for its authoritarian rule. The argument by the Party is that at the current stage of economic development the PRC needs a non-democratic system similar to those that the Tigers had in the early years of growth.
]
]
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&nbsp;billion US dollars. The GDP in Hong Kong, Singapore, South Korea and Taiwan was worth 363.03&nbsp;billion, 361.1&nbsp;billion, 1,619.42&nbsp;billion and 589.39&nbsp;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 ]'s estimate.


<gallery mode="packed" style="text-align: center;" caption="Skylines of the Four Tigers" heights="150px" perrow="2">
===India===
File:Skylines of the Central Business District, Singapore at dusk.jpg|]
{{main|Economy of India}}
File:Seoul (175734251) (cropped).jpg|], South Korea
] in Southern India]]
</gallery>
] has not had a land reform as consistent and thorough as ] or ]. The liberalisation of the post-colonial ] occurred in ] under the finance minister, ], the current ]. With the collapse of the ], ]'s ]-inspired economic policies which had stagnated growth in the ], after initial periods of success in recovering the country from ], were put under pressure as ]'s main supporter disappeared, and a balance of payment crisis, as well as rapid decline in ] reserves threatened financial meltdown.
<gallery mode="packed" style="text-align: center;" heights="150px" perrow="2">
File:Hong Kong Night view.jpg|]
File:Taipei Skyline 2022.06.29.jpg|], Taiwan
</gallery>


== Education and technology ==
] has a large intellectual and educated class able to export services. This will assist the transition and evidence of it can already be seen with the growth of the software and ] industries. As the intellectual class and consumer demand for home produced items grow, the skilled worker class will benefit and this will help to speed up India's economic transition. India is on the path of continuous development, but its policy of development is not similar to the policies of the tigers. The current flow of ] stands at 5 billion dollars for the year ]-]. It currently is the fourth largest economy in the world (by PPP terms) and is expected to overtake ] by the end of 2006 making it the third largest economy in the world.
The four governments 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 ] and ] industrialized ]. For example, all four countries have become global education centers with Singapore, Taiwan, South Korea and Hong Kong high school students scoring well on math and science exams such as the ]{{Citation needed|date=December 2021}} and with Taiwanese students winning several medals in International Olympiads.<ref>* {{cite news|url=http://focustaiwan.tw/news/aedu/201708060014.aspx|title=Taiwan team wins gold at International Linguistic Olympiad|date=6 August 2017|first1=Tai|last1=Ya-chen|first2=S.C.|last2=Chang|publisher=The Central News Agency|work=Focus Taiwan|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170807070553/http://focustaiwan.tw/news/aedu/201708060014.aspx|archivedate=7 August 2017|df=dmy-all}}
* {{cite news|url=http://taiwantoday.tw/news.php?unit=10,10,10&post=119180|title=Taiwan students excel at International Biology Olympiad|date=31 July 2017|publisher=Ministry of Foreign Affairs, Republic of China|work=Taiwan Today|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222306/http://taiwantoday.tw/news.php?unit=10%2C10%2C10&post=119180|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://taiwantoday.tw/news.php?unit=2,6,10,15,18&post=118517|title=Taiwan students shine at International Chemistry Olympiad|date=17 July 2017|publisher=Ministry of Foreign Affairs, Republic of China|work=Taiwan Today|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170807021029/http://taiwantoday.tw/news.php?unit=2%2C6%2C10%2C15%2C18&post=118517|archivedate=7 August 2017|df=dmy-all}}
* {{cite news|url=http://focustaiwan.tw/news/aedu/201707220013.aspx|title=Taiwan wins 6 medals at Math Olympiad in Brazil|date=22 July 2017|first1=Chen|last1=Chih-chung|first2=Romulo|last2=Huang|publisher=The Central News Agency|work=Focus Taiwan|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222051/http://focustaiwan.tw/news/aedu/201707220013.aspx|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=https://www.forbes.com/sites/maureensullivan/2016/11/30/who-has-the-smartest-math-and-science-students-singapore/#79a59f291913|title=Who Has The Smartest Math And Science Students? Singapore|first=Maureen|last=Sullivan|date=30 November 2016|work=]|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170815185934/https://www.forbes.com/sites/maureensullivan/2016/11/30/who-has-the-smartest-math-and-science-students-singapore/#79a59f291913|archivedate=15 August 2017|df=dmy-all}}
* {{cite news|url=https://www.bbc.com/news/education-38212070|title=Pisa tests: Singapore top in global education rankings|first=Sean|last=Couglan|date=6 December 2016|work=]|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170717162717/http://www.bbc.com/news/education-38212070|archivedate=17 July 2017|df=dmy-all}}
* {{cite news|url=http://www.businessinsider.com/the-10-smartest-countries-based-on-math-and-science-2015-5|title=The 10 smartest countries based on math and science|first=Matthew|last=Speiser|date=13 May 2015|work=Business Insider|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222412/http://www.businessinsider.com/the-10-smartest-countries-based-on-math-and-science-2015-5|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=https://www.usnews.com/news/best-countries/articles/2016-12-06/2015-pisa-scores-are-no-surprise|title=The Best Students in the World|first=Deidre|last=McPhillips|date=6 December 2016|accessdate=16 August 2017|work=US News|url-status=live|archiveurl=https://web.archive.org/web/20170806220954/https://www.usnews.com/news/best-countries/articles/2016-12-06/2015-pisa-scores-are-no-surprise|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://www.businessinsider.com/pisa-worldwide-ranking-of-math-science-reading-skills-2016-12|title=The latest ranking of top countries in math, reading, and science is out — and the US didn't crack the top 10|first1=Abby|last1=Jackson|first2=Andy|last2=Kiersz|date=6 December 2016|work=Business Insider|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222216/http://www.businessinsider.com/pisa-worldwide-ranking-of-math-science-reading-skills-2016-12|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://www.chinapost.com.tw/taiwan/national/national-news/2016/12/11/486406/taiwanese-students.htm|title=Taiwanese students sweep olympiad to finish in first place|date=11 December 2016|work=The China Post|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806222148/http://www.chinapost.com.tw/taiwan/national/national-news/2016/12/11/486406/taiwanese-students.htm|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://www.taipeitimes.com/News/taiwan/archives/2011/07/18/2003508529|title=Taiwanese win gold at Biology Olympiad|date=18 July 2011|work=The Taipei Times|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221019/http://www.taipeitimes.com/News/taiwan/archives/2011/07/18/2003508529|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://www.taiwannews.com.tw/en/news/2525699|title=Taiwan crowned International Biology Olympiad champion|date=12 July 2014|accessdate=16 August 2017|work=Taiwan News|url-status=live|archiveurl=https://web.archive.org/web/20170807020319/http://www.taiwannews.com.tw/en/news/2525699|archivedate=7 August 2017|df=dmy-all}}
* {{cite news|url=http://www.taiwannews.com.tw/en/news/2773257|title=Taiwan wins 3 gold medals, 1 silver at Biology Olympiad|date=19 July 2015|accessdate=16 August 2017|work=Taiwan News|url-status=live|archiveurl=https://web.archive.org/web/20170806222704/http://www.taiwannews.com.tw/en/news/2773257|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://www.taiwannews.com.tw/en/news/2261871|title=Taiwan wins 1 gold, 3 silvers at International Biology Olympiad|date=21 July 2013|work=Taiwan News|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221438/http://www.taiwannews.com.tw/en/news/2261871|archivedate=6 August 2017|df=dmy-all}}
* {{cite news|url=http://english.moe.gov.tw/ct.asp?xItem=16329&ctNode=11414&mp=2012|title=Taiwan Wins Four Gold Medals at International Biology Olympiad|date=7 December 2014|publisher=Ministry of Education, Republic of China|accessdate=16 August 2017|url-status=live|archiveurl=https://web.archive.org/web/20170806221156/http://english.moe.gov.tw/ct.asp?xItem=16329&ctNode=11414&mp=2012|archivedate=6 August 2017|df=dmy-all}}</ref>


In relation to higher-level education, there are many prestigious colleges as in most developed countries. In the 2023 ], the top 100 universities in the world include 5 universities from Hong Kong, 6 universities from South Korea, 2 from Singapore and 1 from Taiwan. Despite the small populations and the relatively short history of universities in the four countries, they together account for a quarter of the top 100 universities located outside of the ] or the ]. Notable schools include the ], ], ], ], ], ] and ]. The cities of Hong Kong, Singapore and Seoul are prominent hubs in higher education.
Some fringe scholars maintain that the success of the four tigers is related to a ] ethos, and that India, with its largely ] will have difficulties replicating their results. Others maintain that the development of India has refuted this claim, with ] only lagging because economic reforms occurred 10 years after those of China. In addition, India and ] culture share similar values such as philosophy (]/]).


== Cultural basis ==
=== Taiwan and Mainland China compared ===
The role of ] has been used to explain the success of the Four Asian Tigers. This conclusion is similar to the ] theory in the West promoted by German sociologist ] in his book '']''. The ] is said to have been compatible with industrialization because it valued stability, hard work, discipline, and loyalty and respect towards authority figures.<ref name="L">{{cite book|last=Lin|first=Justin Yifu|title=Demystifying the Chinese Economy|url=https://books.google.com/books?id=rxzJoskK_rwC&pg=PA107|date=27 October 2011|publisher=Cambridge University Press|isbn=978-0-521-19180-7|page=107|url-status=live|archive-url=https://web.archive.org/web/20160729074006/https://books.google.com/books?id=rxzJoskK_rwC&pg=PA107|archive-date=29 July 2016}}</ref> There is a significant influence of Confucianism on the corporate and political institutions of the Asian Tigers. Prime Minister of Singapore ] advocated ] as an alternative to the influence of Western culture in Asia.<ref name="Dub">{{cite book|last=DuBois|first=Thomas David|title=Religion and the Making of Modern East Asia|url=https://books.google.com/books?id=7NH4Jeh5QG4C&pg=PA227|date=25 April 2011|publisher=Cambridge University Press|isbn=978-1-139-49946-0|pages=227–228|url-status=live|archive-url=https://web.archive.org/web/20160103032318/https://books.google.com/books?id=7NH4Jeh5QG4C&pg=PA227|archive-date=3 January 2016}}</ref> This theory was not without its critics. There was a lack of mainland Chinese economic success during the same time frame as the Four Tigers, and yet China was the birthplace of Confucianism. During the ] of 1919, Confucianism was blamed for China's inability to compete with Western powers.<ref name="L"/>
] is Taiwan's largest city and financial center.]]
].]]
] gave birth to numerous electronics companies in the 1980s such as ]. Many of these companies are now located at the nearby ].]]


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."<ref> {{Webarchive|url=https://web.archive.org/web/20180929035245/http://documents.worldbank.org/curated/en/786661468245419348/pdf/765590JRN0WBRO00Box374378B00PUBLIC0.pdf |date=29 September 2018 }}, a 27-page paper published by the World Bank, Joseph E. Stiglitz, Aug. 1996. In addition to the Four Asian Tigers, Stiglitz also lists the economies of Japan, Indonesia, Malaysia, and Thailand as part of the East Asian Miracle.</ref>
The Asian Tigers' spectacular ascent to economic prominence attracted much attention and analysis. Some Western economists, notably at the ], depicted it as a vindication of ] principles, and this interpretation of the Tigers' success formed large part of the ]. This view is not without controversy. Many economists have pointed out that the governments of the tigers were quite active in their economies. East Asian Tigers all practiced aggressive land reform and made large investments in public health and elementary education. In addition, while the tigers relied on export markets to develop their economies, they also put in place high trade barriers which protected local industries from foreign competition. Some Western observers have argued that ] would have reached Taiwan's contemporary level of development if the ] had stayed in power. However, this claim has been disputed by those who point out that Taiwan is by no means a microcosm of the Mainland.


== Territory and region data ==
First, one million ] supporters fled to the island in 1949, establishing the small island of six million as the seat of the ]. ] thus benefited from the flight of many well-educated, bourgeois Chinese. A disproportionately high share of the immigrants were governing elites, merchants, Chinese capitalists, and well-educated professionals. While a large number (60%) were also poorly-educated ] soldiers, the wave of immigrants was not a reflection of Chinese society. Furthermore, many in the ROC leadership accused of corruption and incompetence on the mainland were either exiled or purged from the ] following defeat in the ].
{{Update|part=Territory and region data|date=June 2024}}


===Credit ratings===
Second, ], and for that matter all four of the Tigers, benefitted economically from previous foreign rule or influence, whether it was ] commerce in ] and ], or ]ese industrialization and ] land reform in ]. Furthermore, three of the Tigers were an artificial polities severed from larger neighbors&mdash;] in the case of ] and ], ] in the case of Singapore (the latter two are also city-states). Likewise, South Korea was a product of postwar division and bloody civil war. Each therefore felt acute insecurity, which was translated into political structures that restricted civil liberties and subordinated short-term social well-being for economic growth.
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! Country or <br />]
! ]
! ]
! ]
|-
| style="text-align:left;" | Hong Kong
| align="center" | AA<ref name="FitchHK">{{cite web |title=Hong Kong Credit Ratings |url=https://www.fitchratings.com/entity/hong-kong-80442197 |website=Fitch Ratings |access-date=6 April 2020 |archive-date=6 February 2021 |archive-url=https://web.archive.org/web/20210206115149/https://www.fitchratings.com/entity/hong-kong-80442197 |url-status=live }}</ref>
| align="center" | Aa2<ref name="MoodysHK">{{cite news |title=Rating Action: Moody's changes outlook on Hong Kong's Aa2 rating to negative from stable; affirms rating |url=https://www.moodys.com/research/Moodys-changes-outlook-on-Hong-Kongs-Aa2-rating-to-negative--PR_409149 |access-date=6 April 2020 |work=Moody's Investors Service |date=16 September 2019 |archive-date=26 November 2020 |archive-url=https://web.archive.org/web/20201126045745/https://www.moodys.com/research/Moodys-changes-outlook-on-Hong-Kongs-Aa2-rating-to-negative--PR_409149 |url-status=live }}</ref>
| align="center" | AA+<ref name="S&PHK">{{cite news |last1=Sin |first1=Noah |title=S&P keeps Hong Kong's AA+ rating despite protests, cites strong finances |url=https://www.reuters.com/article/us-hongkong-protests-ratings/sp-keeps-hong-kongs-aa-rating-despite-protests-cites-strong-finances-idUSKBN1WN14Z |access-date=6 April 2020 |work=Reuters |agency=Reuters |date=8 October 2019 |language=en |archive-date=4 March 2020 |archive-url=https://web.archive.org/web/20200304001837/https://www.reuters.com/article/us-hongkong-protests-ratings/sp-keeps-hong-kongs-aa-rating-despite-protests-cites-strong-finances-idUSKBN1WN14Z |url-status=live }}</ref>
|-
| style="text-align:left;" | Singapore
| align="center" bgcolor=#ccffcc| AAA<ref name="FitchSG">{{cite web |title=Singapore Credit Ratings |url=https://www.fitchratings.com/entity/singapore-80442205 |website=Fitch Ratings |access-date=6 April 2020 |archive-date=6 February 2021 |archive-url=https://web.archive.org/web/20210206121605/https://www.fitchratings.com/entity/singapore-80442205 |url-status=live }}</ref>
| align="center" bgcolor=#ccffcc| Aaa<ref name="MoodysSG">{{cite news |title=Rating Action: Moody's affirms Singapore's Aaa ratings; maintains stable outlook |url=https://www.moodys.com/research/Moodys-affirms-Singapores-Aaa-ratings-maintains-stable-outlook--PR_390670 |access-date=6 April 2020 |work=Moody's Investors Service |date=12 November 2018 |archive-date=6 February 2021 |archive-url=https://web.archive.org/web/20210206115241/https://www.moodys.com/research/Moodys-affirms-Singapores-Aaa-ratings-maintains-stable-outlook--PR_390670 |url-status=live }}</ref>
| align="center" bgcolor=#ccffcc| AAA
|-
| style="text-align:left;" | South Korea
| align="center" | AA−<ref name="FitchKO">{{cite web |title=Korea Credit Ratings |url=https://www.fitchratings.com/entity/korea-80442218 |website=Fitch Ratings |access-date=6 April 2020 |archive-date=6 February 2021 |archive-url=https://web.archive.org/web/20210206115308/https://www.fitchratings.com/entity/korea-80442218 |url-status=live }}</ref>
| align="center" | Aa2<ref name="MoodysKO">{{cite news |title=Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Korea, Government of |url=https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_415646 |access-date=6 April 2020 |work=Moody's Investors Service |date=15 February 2020 |archive-date=10 February 2021 |archive-url=https://web.archive.org/web/20210210183009/https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_415646 |url-status=live }}</ref>
| align="center" | AA<ref name="S&PKO">{{cite news |title=S&P keeps Korea's rating at AA with stable outlook |url=https://en.yna.co.kr/view/AEN20191106011100320 |access-date=6 April 2020 |work=] |agency=Yonhap News Agency |date=6 November 2019 |language=en |archive-date=6 November 2019 |archive-url=https://web.archive.org/web/20191106162612/https://en.yna.co.kr/view/AEN20191106011100320 |url-status=live }}</ref>
|-
| style="text-align:left;" | Taiwan
| align="center" | AA<ref name="FitchTW">{{cite web |title=Taiwan - Credit Rating |url=https://www.fitchratings.com/research/sovereigns/fitch-upgrades-taiwan-china-to-aa-outlook-stable-10-09-2021#:~:text=Fitch%20Ratings%20%2D%20Hong%20Kong%20%2D%2010,The%20Outlook%20is%20Stable. |website=fitchratings.com |access-date=11 September 2021 |archive-date=30 November 2021 |archive-url=https://web.archive.org/web/20211130190325/https://www.fitchratings.com/research/sovereigns/fitch-upgrades-taiwan-china-to-aa-outlook-stable-10-09-2021#:~:text=Fitch%20Ratings%20%2D%20Hong%20Kong%20%2D%2010,The%20Outlook%20is%20Stable. |url-status=live }}</ref>
| align="center" | Aa3<ref name="MoodysTW">{{cite news |title=Moody's announces completion of a periodic review of ratings of Taiwan, Government of |url=https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_415629 |access-date=6 April 2020 |work=Moody's Investors Service |date=15 February 2020 |archive-date=26 July 2020 |archive-url=https://web.archive.org/web/20200726170801/https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_415629 |url-status=live }}</ref>
| align="center" | AA+<ref name="S&PTW">{{cite news |title=S&P raises Taiwan's long-term issuer credit ratings on strong economic performance |url=https://www.reuters.com/article/taiwan-economy-ratings-idINL3N2WR0SG |access-date=9 May 2022 |work=Reuters |date=29 April 2022 |archive-date=9 May 2022 |archive-url=https://web.archive.org/web/20220509201645/https://www.reuters.com/article/taiwan-economy-ratings-idINL3N2WR0SG |url-status=live }}</ref>
|}


=== Demographics ===
Third and perhaps most important, Taiwan's economy, wrenched in quick succession from Japan's orbit and then mainland China's, could not have developed without direct American aid, which constituted more than 30 percent of domestic investment from ] to ]. Land reform, government planning, U.S. aid and investment, and free universal education brought huge advancement in industry and agriculture, and in living standards. In addition, land reform was an essential step in modernization. In conducting land reform on Taiwan, ] was aided by American encouragement in addition to the fact that many of the large landowners were Japanese who had fled there after ], and the remaining indigenous landowners had little voice in government. Most agree that it is extremely unlikely that ] would have revolutionized Mainland Chinese society to that extent if he had defeated the Communists led by ].
{| class="wikitable sortable" border="1"
|- style="background:#ececec;"
! Country or <br />]
! ]<br>(km<sup>2</sup>)
! ]<br />(2020)<ref name="WorldPopulationbyCountry">{{cite web|title=Countries in the world by population (2022)|url=https://www.worldometers.info/world-population/population-by-country/|website=worldometers|access-date=2 June 2022|archive-date=5 January 2018|archive-url=https://web.archive.org/web/20180105162622/http://www.worldometers.info/world-population/population-by-country/|url-status=live}}</ref>
! ]<br />(per km<sup>2</sup>)
! ]<br />(2020)<ref name="LifeExpectancyofWorldPopulation">{{cite web|title=Life Expectancy of the World Population|url=https://www.worldometers.info/demographics/life-expectancy/|website=worldometers|access-date=2 June 2022|archive-date=31 March 2022|archive-url=https://web.archive.org/web/20220331172003/https://www.worldometers.info/demographics/life-expectancy/|url-status=live}}</ref>
! ]<br />(2020)
! ]<br />(2015)
! ]<br />(2011)
! ]<br />(2020)
! ]<br />(2015–2020)
! ]<br />(2015)
|-
| style="text-align:left;" | Hong Kong
| align="center" | 1,106
| align="center" | 7,496,981
| align="center" | 7,140
| align="center" bgcolor=#ccffcc| 85.29
| align="center" | 45
| align="center" | 0.8%
| align="center" | 0.6%
| align="center" | 0.87<ref> {{Webarchive|url=https://web.archive.org/web/20221122230310/https://fred.stlouisfed.org/series/SPDYNTFRTINHKG |date=22 November 2022 }} Economic Research. Retrieved 22 November 2022.</ref>
| align="center" | 0.40%
| align="center" bgcolor=#ccffcc| 0.82
|-
| style="text-align:left;" | Singapore
| align="center" | 728
| align="center" | 5,850,342
| align="center" bgcolor=#ccffcc| 8,358
| align="center" | 84.07
| align="center" bgcolor=#ccffcc| 42
| align="center" bgcolor=#ccffcc| 0.9%
| align="center" bgcolor=#ccffcc| 0.45%
| align="center" bgcolor=#ccffcc| 1.10<ref> {{Webarchive|url=https://web.archive.org/web/20221122230310/https://fred.stlouisfed.org/series/SPDYNTFRTINSGP |date=22 November 2022 }} Economic Research. Retrieved 22 November 2022.</ref>
| align="center" bgcolor=#ccffcc| 0.47%
| align="center" | 0.79
|-
| style="text-align:left;" | South Korea
| align="center" bgcolor=#ccffcc| 100,210
| align="center" bgcolor=#ccffcc| 51,269,185
| align="center" | 527
| align="center" | 83.50
| align="center" | 44
| align="center" | 0.8%
| align="center" | 0.51%
| align="center" | 0.84<ref>{{Cite web |url=https://www.kedglobal.com/dwindling-population/newsView/ked202102250004 |title=S.Korea's birth rate decline accelerates to world's lowest |access-date=22 November 2022 |archive-date=22 November 2022 |archive-url=https://web.archive.org/web/20221122230311/https://www.kedglobal.com/dwindling-population/newsView/ked202102250004 |url-status=live }}</ref>
| align="center" | 0.02%
| align="center" | 0.09
|-
| style="text-align:left;" | Taiwan
| align="center" | 36,197
| align="center" | 23,816,775
| align="center" | 673
| align="center" | 81.04
| align="center" bgcolor=#ccffcc| 42
| align="center" | 0.8%
| align="center" | 0.66%
| align="center" | 0.99<ref>{{Cite web |url=https://new7.storm.mg/article/4117528 |title=婚育危機1》人口「生不如死」爆國安危機 各級政府對應卻如「扮家家酒」 |access-date=22 November 2022 |archive-date=22 November 2022 |archive-url=https://web.archive.org/web/20221122230312/https://new7.storm.mg/article/4117528 |url-status=live }}</ref>
| align="center" | 0.13%
| align="center" | 0.18
|}


=== Economy ===
In summary, the transformation of ] cannot be understood without reference to the larger geopolitical framework. Although aid was cut back in the 1970s, it was crucial in the formative years, spurring industrialization. In addition, even after the cutoff of aid, security and economic links were maintained. Uncertainty about the U.S. commitment accelerated the country’s shift from subsidized import-substitution in the 1950s to later export-led growth. Like ], ] moved from cheap, labor-intensive manufactures, such as ]s and ]s, into an expansion of heavy industry and infrastructure in the 1970s, and then to advanced ] in the subsequent decades. In response, it has been argued that the role of ] aid and direct investment is overstated. In particular, it is pointed out that the capital for investment came largely from indigenous sources and that foreign aid had ended before the economy had taken off.
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! rowspan=2|Country or <br />]
! colspan=2|GDP (millions of USD, 2021 estimates)
! colspan=2|GDP per capita (USD, 2022 estimated)
! rowspan=2| ]<br />(billions of<br>USD, 2016)
! colspan=2|(billions of USD, 2017)
! rowspan=2|] (2017)
|-
! ]
! ]
! ]
! ]
! ]
! ]
|-
| style="text-align:left;" | Hong Kong
| align="center" | 369,722
| align="center" | 488,654
| align="center" | 49,850
| align="center" | 65,403
| align="center" bgcolor=#ccffcc | 1,236
| align="center" | 496.9
| align="center" bgcolor=#ccffcc| 558.6
| align="center" bgcolor=#ccffcc| 1.2
|-
| style="text-align:left;" | Singapore
| align="center" | 378,645
| align="center" | 615,293
| align="center" bgcolor=#ccffcc| 79,576
| align="center" bgcolor=#ccffcc| 107,677
| align="center" | 917
| align="center" | 372.9
| align="center" | 327.4
| align="center" | -3.5
|-
| style="text-align:left;" | South Korea
| align="center" bgcolor=#ccffcc| 1,823,852
| align="center" bgcolor=#ccffcc| 2,503,395
| align="center" | 34,944
| align="center" | 48,309
| align="center"| 1,103
| align="center" bgcolor=#ccffcc| 577.4
| align="center" | 457.5
| align="center" | -1.5
|-
| style="text-align:left;" | Taiwan
| align="center" | 785,589
| align="center" | 1,443,411
| align="center" | 36,051
| align="center" | 61,371
| align="center" | 604
| align="center" | 344.6
| align="center" | 272.6
| align="center" bgcolor=#ccffcc| 1.2
|}

=== Quality of life ===
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! Country or <br />]
! ]<br /> (2021 data)
! ]<br /> by ]
! ]<br />(2013), USD PPP<ref name="gallup, inc.">{{cite web|url=http://www.gallup.com/poll/166211/worldwide-median-household-income-000.aspx|title=Worldwide, Median Household Income About $10,000|author=Gallup, Inc.|website=gallup.com|date=16 December 2013|url-status=live|archive-url=https://web.archive.org/web/20160205015909/http://www.gallup.com/poll/166211/worldwide-median-household-income-000.aspx|archive-date=5 February 2016}}</ref>
! ]<br />(2013), USD PPP<ref name="gallup, inc."/>
! ]<br />(2010), % thriving<ref>{{cite news|url=http://www.gallup.com/file/poll/126965/GlobalWellbeing_Rpt_POLL_0310_lowres.pdf|title=Gallup® Global Wellbeing: The Behavioral Economics of GDP Growth|publisher=Gallup|access-date=16 August 2017|archive-url=https://web.archive.org/web/20150924020602/http://www.gallup.com/file/poll/126965/GlobalWellbeing_Rpt_POLL_0310_lowres.pdf|archive-date=24 September 2015|url-status=dead}}</ref>
|-
| style="text-align:left;" | Hong Kong
| align="center" bgcolor=#ccffcc | 0.952 (4th)
| align="center" | 53.9 (2016)
| align="center" | 35,443
| align="center" | 9,705
| align="center" | 19%
|-
| style="text-align:left;" | Singapore
| align="center" | 0.939 (12th)
| align="center" | 46.4 (2014)
| align="center" | 32,360
| align="center" | 7,345
| align="center" | 19%
|-
| style="text-align:left;" | South Korea
| align="center" | 0.925 (19th)
| align="center" | 34.1 (2015)
| align="center" bgcolor=#ccffcc| 40,861
| align="center" bgcolor=#ccffcc| 11,350
| align="center" bgcolor=#ccffcc| 28%
|-
| style="text-align:left;" | Taiwan
| align="center" | 0.926 (–){{efn|name=TW_HDI|The ] compiled by the ] 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.<ref>{{cite web|url=http://hdr.undp.org/en/content/human-development-report-2020-readers-guide|title=Human Development Report 2020: Reader's Guide|publisher=United Nation Development Program|date=2020|access-date=12 March 2021|archive-date=16 April 2021|archive-url=https://web.archive.org/web/20210416000749/http://hdr.undp.org/en/content/human-development-report-2020-readers-guide|url-status=live}}</ref> ] calculated its HDI for 2021 to be 0.926 based on UNDP's 2010 methodology,<ref>{{cite web|url=https://eng.stat.gov.tw/public/Data/1513164433IGBKG0IN.pdf|title=What is the human development index (HDI)? How are relevant data queried?|publisher=Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC)|access-date=14 March 2021|archive-date=12 June 2021|archive-url=https://web.archive.org/web/20210612071634/https://eng.stat.gov.tw/public/Data/1513164433IGBKG0IN.pdf|url-status=live}}</ref><ref>{{cite web|url=https://win.dgbas.gov.tw/eyimc/ebook/SB/statistcs-brief_opf_files/pdfs/statistcs-brief__.pdf|title=人類發展指數(Human Development Index, HDI)|publisher=Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC)|date=6 January 2011|access-date=13 March 2021|language=zh-tw|archive-date=14 April 2021|archive-url=https://web.archive.org/web/20210414101606/https://win.dgbas.gov.tw/eyimc/ebook/SB/statistcs-brief_opf_files/pdfs/statistcs-brief__.pdf|url-status=dead}}</ref> which would place Taiwan at 19th globally in 2021 within the 2022 UNDP report.<ref name="HDI 2021">{{cite web|url=https://ws.dgbas.gov.tw/Download.ashx?u=LzAwMS9VcGxvYWQvMC9yZWxmaWxlLzExMDIwLzIyOTU5MS9iNDdhNmYyYy1jNjY2LTRjZDAtYmQ2Ni03OGEyYjMwMmM4MzkucGRm&n=TjExMTEwMTQucGRm&icon=.pdf|title=國情統計通報(第 195 號)|publisher=], Executive Yuan, Taiwan (ROC)|date=14 October 2021|access-date=16 October 2022|archive-date=11 February 2023|archive-url=https://web.archive.org/web/20230211120125/https://ws.dgbas.gov.tw/Download.ashx?u=LzAwMS9VcGxvYWQvMC9yZWxmaWxlLzExMDIwLzIyOTU5MS9iNDdhNmYyYy1jNjY2LTRjZDAtYmQ2Ni03OGEyYjMwMmM4MzkucGRm&n=TjExMTEwMTQucGRm&icon=.pdf|url-status=live}}</ref><ref>{{cite web|url=https://eng.stat.gov.tw/ct.asp?xItem=25280&ctNode=6032&mp=5|title=National Statistics, Republic of China (Taiwan)|publisher=Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC)|date=14 October 2022|access-date=16 October 2022|archive-date=16 October 2022|archive-url=https://web.archive.org/web/20221016192219/https://eng.stat.gov.tw/ct.asp?xItem=25280&ctNode=6032&mp=5|url-status=live}}</ref>}}
| align="center" bgcolor=#ccffcc | 33.6 (2014)
| align="center" | 32,762
| align="center" | 6,882
| align="center" | 22%
|}

=== Technology ===
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! Country or <br />]
! ]<br /> (2020)<ref>{{cite web |url=https://www.opensignal.com/sites/opensignal-com/files/data/reports/pdf-only/data-2020-05/state_of_mobile_experience_may_2020_opensignal_3_0.pdf |title=The state of mobile network experience |publisher=Opensignal |access-date=29 June 2021 |archive-date=24 May 2020 |archive-url=https://web.archive.org/web/20200524234101/https://www.opensignal.com/sites/opensignal-com/files/data/reports/pdf-only/data-2020-05/state_of_mobile_experience_may_2020_opensignal_3_0.pdf |url-status=dead }}</ref>
! ]<br /> (2016)
! ]
|-
| style="text-align:left;" | Hong Kong
| align="center" | 21.8 Mbit/s
| align="center" | 87%<ref>{{cite web | url=http://www.visa.com.hk/en_HK/aboutvisa/mediacenter/nr_hk_20112015_HKeCommsurveyrelease1_Eng.html | title=Visa Survey: Hongkongers choosing mobile to browse and purchase online | publisher=] | date=9 November 2015 | access-date=30 August 2016 | url-status=dead | archive-url=https://web.archive.org/web/20160904074227/http://www.visa.com.hk/en_HK/aboutvisa/mediacenter/nr_hk_20112015_HKeCommsurveyrelease1_Eng.html | archive-date=4 September 2016 | df=dmy-all }}</ref>
| align="center" | 0.3%
|-
| style="text-align:left;" | Singapore
| align="center"| 47.5 Mbit/s
| align="center" bgcolor=#ccffcc| 100%<ref>{{cite web | url=http://www.telecomasia.net/content/singapore-leads-sea-smartphone-mbb-adoption | title=Singapore leads SEA in smartphone, MBB adoption | publisher=telecomasia.net | date=8 June 2016 | access-date=30 August 2016 | url-status=dead | archive-url=https://web.archive.org/web/20160902033642/http://www.telecomasia.net/content/singapore-leads-sea-smartphone-mbb-adoption | archive-date=2 September 2016 | df=dmy-all }}</ref>
| align="center" | 3.3%
|-
| style="text-align:left;" | South Korea
| align="center" bgcolor=#ccffcc| 59.6 Mbit/s
| align="center" | 89%
| align="center" | 2.1%
|-
| style="text-align:left;" | Taiwan
| align="center" | 28.9 Mbit/s
| align="center" | 78%<ref>{{cite web | url=http://www.androidauthority.com/taiwan-next-billion-dollar-app-market-700239/ | title="Made for Taiwan": the next billion-dollar app market | publisher=androidauthority.com | date=26 June 2016 | access-date=30 August 2016 | author=Carlon, Kris | url-status=live | archive-url=https://web.archive.org/web/20160720225742/http://www.androidauthority.com/taiwan-next-billion-dollar-app-market-700239/ | archive-date=20 July 2016 | df=dmy-all }}</ref>
| align="center" bgcolor=#ccffcc| 4.4%
|}

=== Politics ===
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! Country or <br />]
! ]<br />(2022)
! ]<br />(2023)<ref>{{cite web|url=https://rsf.org/en/index?year=2023|title=Index 2023 – Global score|website=]|access-date=3 May 2023|archive-date=10 May 2023|archive-url=https://web.archive.org/web/20230510151133/https://rsf.org/en/index?year=2023|url-status=live}}</ref>
! ]<br />(2022)
! ]<br />(2019)<ref>{{Cite web|url=http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf|title=The Global Competitiveness Report 2019|accessdate=Oct 21, 2022|archive-date=9 October 2019|archive-url=https://web.archive.org/web/20191009004538/http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf|url-status=live}}</ref>
! ]<br />(2020)
! ]<br />(2015)
! ]<br />(2011)
! width=200|Current political status
|-
| style="text-align:left;" | Hong Kong
| align="center" | 5.28
| align="center" | 44.86
| align="center" | 76
| align="center" | 83.1
| align="center" | Very Easy (3rd)
| align="center" | 7.6
| align="center" | 7.6
| style="text-align:left;" | Executive-led Special Administrative<br />Region of the People's Republic of China
|-
| style="text-align:left;" | Singapore
| align="center" | 6.22
| align="center" | 47.88
| align="center" bgcolor=#ccffcc| 85
| align="center" bgcolor=#ccffcc| 84.8
| align="center" bgcolor=#ccffcc| Very Easy (2nd)
| align="center" bgcolor=#ccffcc| 8.1
| align="center" bgcolor=#ccffcc| 8.3
| style="text-align:left;" | Parliamentary Republic
|-
| style="text-align:left;" | South Korea
| align="center" | 8.03
| align="center" | 70.83
| align="center" | 63
| align="center" | 79.6
| align="center" | Very Easy (5th)
| align="center" | 5.9
| align="center" | 7.9
| style="text-align:left;" | Presidential Republic
|-
| style="text-align:left;" | Taiwan
| align="center" bgcolor=#ccffcc| 8.99
| align="center" bgcolor=#ccffcc | 75.54
| align="center" | 68
| align="center" | 80.2
| align="center" | Very Easy (15th)
| align="center" | 6.9
| align="center" | 7.5
| style="text-align:left;" | Semi-Presidential Republic
|}

=== Organizations and groups ===
{| class="wikitable sortable" border="1" style="font-size:100%"
|- style="background:#ececec;"
! Country or <br />]
! UN
! ]
! ]
! ]
! ]
! ]
! ]
! ]
! ]
! ]
! ]
|-
| style="text-align:left;" | Hong Kong
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}<ref>{{cite press release|url=http://www.info.gov.hk/gia/general/201410/31/P201410310842.htm|title=HKMA joins SEACEN|date=31 October 2014|publisher=Hong Kong Government|agency=Hong Kong Monetary Authority|access-date=16 August 2017|url-status=live|archive-url=https://web.archive.org/web/20160217170022/http://www.info.gov.hk/gia/general/201410/31/P201410310842.htm|archive-date=17 February 2016}}</ref>
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
|-
| style="text-align:left;" | Singapore
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
|-
| style="text-align:left;" | South Korea
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}} (])
|-
| style="text-align:left;" | Taiwan
| align="center" bgcolor="#ffcccc" | {{N}}{{efn|Founding member of the United Nations and permanent member of the ] (])}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ccffcc" | {{Y}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
| align="center" bgcolor="#ffcccc" | {{N}}
|}


== See also == == See also ==
{{Portal|Hong Kong|Singapore|South Korea|Taiwan}}
*]
{{div col |colwidth=20em|small=yes}}
*]
*] * ]
*] * ]
*] * ]
* ] (full list of miracles and "tigers")
*]
* ]
* ]
* ]
* ]
* ]
* ]
* ]
* ]
* ] (South Korea)
* ]
* ]
* ]
* ]
* ]
* ]
* ]
{{div col end}}


==External links== == Notes ==
{{ChineseText}} {{Notelist}}

*
== References ==
{{Reflist|30em}}

== 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).
*{{cite book |last1=Kim |first1=Eun Mee |title=The Four Asian Tigers: Economic Development and the Global Political Economy |date=1998 |publisher=Emerald Publishing |isbn=9780124074408}}

== External links ==
* (includes map of the Asian Tigers)
* *
*


{{East Asian topics}}
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{{Economy of South Korea}}
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Latest revision as of 12:32, 16 December 2024

Economies of South Korea, Taiwan, Singapore and Hong Kong
Four Asian Tigers
The Four Asian Tigers, from north to south: South Korea, Taiwan, Hong Kong and Singapore
Chinese name
Traditional Chinese亞洲四小龍
Simplified Chinese亚洲四小龙
Literal meaningAsia's Four Little Dragons
Transcriptions
Standard Mandarin
Hanyu PinyinYàzhōu sì xiǎo lóng
Bopomofoㄧㄚˋ ㄓㄡ ㄙˋ ㄒㄧㄠˇ ㄌㄨㄥˊ
Wade–GilesYa-chou szu hsiao lung
Tongyong PinyinYàjhōu sìh siǎo lóng
Yale RomanizationYàzhōu sz̀ syǎu lúng
IPA
Yue: Cantonese
Yale Romanizationaa jāu sei síu lùhng
Jyutpingaa3 zau1 sei3 siu2 lung4
IPA
Southern Min
Hokkien POJA-chiu sì sió lêng
Korean name
Hangul아시아의 네 마리 용
Hanja亞細亞의 네 마리 龍
Literal meaningAsia's four dragons
Transcriptions
Revised Romanizationasia-ui ne mari yong
McCune–Reischauerashia-ŭi ne mari yong
Malay name
MalayEmpat Harimau Asia
Tamil name
Tamilநான்கு ஆசியப் புலிகள்

The Four Asian Tigers (a.k.a. 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. 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.

In 1993, a World Bank report The East Asian Miracle credited neoliberal policies with the economic boom, including the maintenance of export-oriented policies, low taxes and minimal welfare states. Institutional analyses found that some level of state intervention was involved. Some analysts argued that industrial policy and state intervention had a much greater influence than the World Bank report suggested.

Overview

Growth in per capita GDP in the tiger economies between 1960 and 2014

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.

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 export orientation. Following Singapore's independence from Malaysia, the Economic Development Board formulated and implemented national economic strategies to promote the country's manufacturing sector. Industrial estates were set up and foreign investment was attracted to the country with tax incentives. Meanwhile, Taiwan and South Korea began to industrialize in the mid-1960s with heavy government involvement including initiatives and policies. Both countries pursued export-oriented industrialization as in Hong Kong and Singapore. The four countries were inspired by Japan's evident success, and they collectively pursued the same goal by investing in the same categories: infrastructure and education. They also benefited from foreign trade advantages that set them apart from other countries, most significantly economic support from the United States; part of this is manifested in the proliferation of American electronic products in common households of the Four Tigers.

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. South Korea in particular had achieved a secondary education enrollment rate of 88% by 1987. 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 macroeconomic environments was the foundation upon which the Asian miracle was built. Each of the Four Asian Tiger states managed, to various degrees of success, three variables in: budget deficits, external debt and exchange rates. Each Tiger nation's budget deficits were kept within the limits of their financial limits, as to not destabilize the macro-economy. South Korea in particular had deficits lower than the OECD average in the 1980s. External debt was non-existent for Hong Kong, Singapore and Taiwan, as they did not borrow from abroad. Although South Korea was the exception to this – its debt to GNP ratio was quite high during the period 1980–1985, it was sustained by the country's high level of exports. Exchange rates in the Four Asian Tiger nations had been changed from long-term fixed rate regimes to fixed-but-adjustable rate regimes with the occasional steep devaluation of managed floating rate regimes. This active exchange rate management allowed the Four Tiger economies to avoid exchange rate appreciation and maintain a stable real exchange rate.

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.

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. 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".

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%. 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.

2008 financial crisis

The export-oriented tiger economies, which benefited from American consumption, were hit hard by the financial crisis of 2007–08. By the fourth quarter of 2008, the GDP of all four nations fell by an average annualized rate of around 15%. Exports also fell by a 50% annualized rate. Weak domestic demand also affected the recovery of these economies. In 2008, retail sales fell 3% in Hong Kong, 6% in Singapore and 11% in Taiwan.

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. Another reason for the strong bounce back is the modest corporate and household debt in these four nations.

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 Thailand, Indonesia, Malaysia, the Philippines, China, India and Singapore for the period between 1979 and 2009, using Johansen cointegration tests and vector error correction models. The results suggest that in the case of Indonesia, Singapore, the Philippines, China and India financial development leads to economic growth, whereas in the case of Thailand there exists a bidirectional causality between these variables. The results further suggest that in the case of Malaysia, financial development does not seem to cause economic growth.

Gross domestic product (GDP)

Worlds regions by total wealth (in trillions USD), 2018
Maddison GDP per capita of the Four Asian Tigers from 1950 to 2018.

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 IMF's estimate.

Education and technology

The four governments 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 advanced and high-income industrialized developed countries. For example, all four countries have become global education centers with Singapore, Taiwan, South Korea and Hong Kong high school students scoring well on math and science exams such as the PISA exam and with Taiwanese students winning several medals in International Olympiads.

In relation to higher-level education, there are many prestigious colleges as in most developed countries. In the 2023 QS University Rankings, the top 100 universities in the world include 5 universities from Hong Kong, 6 universities from South Korea, 2 from Singapore and 1 from Taiwan. Despite the small populations and the relatively short history of universities in the four countries, they together account for a quarter of the top 100 universities located outside of the United States or the United Kingdom. Notable schools include the National Taiwan University, Chinese University of Hong Kong, The Hong Kong University of Science and Technology, Seoul National University, National University of Singapore, Nanyang Technological University and University of Hong Kong. The cities of Hong Kong, Singapore and Seoul are prominent hubs in higher education.

Cultural basis

The role of Confucianism has been used to explain the success of the Four Asian Tigers. This conclusion is similar to the Protestant work ethic theory in the West promoted by German sociologist Max Weber in his book The Protestant Ethic and the Spirit of Capitalism. The culture of Confucianism is said to have been compatible with industrialization because it valued stability, hard work, discipline, and loyalty and respect towards authority figures. There is a significant influence of Confucianism on the corporate and political institutions of the Asian Tigers. Prime Minister of Singapore Lee Kuan Yew advocated Asian values as an alternative to the influence of Western culture in Asia. This theory was not without its critics. There was a lack of mainland Chinese economic success during the same time frame as the Four Tigers, and yet China was the birthplace of Confucianism. During the May Fourth Movement of 1919, Confucianism was blamed for China's inability to compete with Western powers.

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."

Territory and region data

Parts of this article (those related to Territory and region data) need to be updated. Please help update this article to reflect recent events or newly available information. (June 2024)

Credit ratings

Country or
territory
Fitch Moody's S&P
Hong Kong AA Aa2 AA+
Singapore AAA Aaa AAA
South Korea AA− Aa2 AA
Taiwan AA Aa3 AA+

Demographics

Country or
territory
Area
(km)
Population
(2020)
Population
density

(per km)
Life
expectancy at birth

(2020)
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 0.40% 0.82
Singapore 728 5,850,342 8,358 84.07 42 0.9% 0.45% 1.10 0.47% 0.79
South Korea 100,210 51,269,185 527 83.50 44 0.8% 0.51% 0.84 0.02% 0.09
Taiwan 36,197 23,816,775 673 81.04 42 0.8% 0.66% 0.99 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
Median per-capita income
(2013), USD PPP
Global Well Being Index
(2010), % thriving
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 (–) 33.6 (2014) 32,762 6,882 22%

Technology

Country or
territory
Average Internet connection speed
(2020)
Smartphone usage
(2016)
Use of renewable electricity
Hong Kong 21.8 Mbit/s 87% 0.3%
Singapore 47.5 Mbit/s 100% 3.3%
South Korea 59.6 Mbit/s 89% 2.1%
Taiwan 28.9 Mbit/s 78% 4.4%

Politics

Country or
territory
Democracy Index
(2022)
Press
Freedom
Index

(2023)
Corruption
Perceptions
Index

(2022)
Global
Competitiveness
Index

(2019)
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 63 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 Red XN Green tickY Red XN Red XN Green tickY Green tickY Green tickY Green tickY Red XN Red XN Red XN
Singapore Green tickY Green tickY Red XN Red XN Green tickY Green tickY Green tickY Green tickY Red XN Green tickY Green tickY
South Korea Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY Green tickY (APT)
Taiwan Red XN Green tickY Red XN Red XN Green tickY Green tickY Red XN Green tickY Red XN Red XN Red XN

See also

Notes

  1. The HDI annual report compiled by the 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. Taiwan's Statistical Bureau calculated its HDI for 2021 to be 0.926 based on UNDP's 2010 methodology, which would place Taiwan at 19th globally in 2021 within the 2022 UNDP report.
  2. 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.

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