Four Asian Tigers

Last updated

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. [44] Taiwan's Statistical Bureau calculated its HDI for 2021 to be 0.926 based on UNDP's 2010 methodology, [45] [46] which would place Taiwan at 19th globally in 2021 within the 2022 UNDP report. [47] [48]
  2. Founding member of the United Nations and permanent member of the United Nations Security Council (1945–1971)

Related Research Articles

<span class="mw-page-title-main">Asia</span> Continent

Asia is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometers, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Its 4.7 billion people constitute roughly 60% of the world's population.

<span class="mw-page-title-main">Economy of Hong Kong</span>

The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.

<span class="mw-page-title-main">Economy of Taiwan</span>

The economy of Taiwan is a highly developed free-market economy. It is the 8th largest in Asia and 20th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. Taiwan is notable for its rapid economic development from an agriculture-based society to an industrialised, high-income country. This economic growth has been described as the Taiwan Miracle. It is gauged in the high-income economies group by the World Bank. Taiwan is one of the most technologically advanced computer microchip and high-tech electronics industries makers in the world.

<span class="mw-page-title-main">Developed country</span> Country with a developed industry and infrastructure

A developed country, or high-income country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are the gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living. Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least US$22,000. In 2023, 40 countries fit all four criteria, while an additional 15 countries fit three out of four.

<span class="mw-page-title-main">Asia-Pacific Economic Cooperation</span> Economic forum of Asia–Pacific nations

Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s, APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; it aimed to establish new markets for agricultural products and raw materials beyond Europe. Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region, and exerts significant global influence.

<span class="mw-page-title-main">1997 Asian financial crisis</span> Financial crisis of many Asian countries during the second half of 1997

The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided.

<span class="mw-page-title-main">Economy of Asia</span>

The economy of Asia comprises about 4.7 billion people living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.

<span class="mw-page-title-main">Tiger economy</span> National economy that undergoes rapid growth

A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers as tigers are important in Asian symbolism, which also inspired the Tiger Cub Economies. The Asian Tigers also inspired other economies later on; the Anatolian Tigers in the 1980s, the Gulf Tiger (Dubai) in the 1990s, the Celtic Tiger in 1995–2000, the Baltic tigers in 2000–2007, and the Tatra Tiger (Slovakia) in 2002–2007.

<span class="mw-page-title-main">BRIC</span> Group of four emerging national economies

BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping.

Economic miracle is an informal economic term for a period of dramatic economic development that is entirely unexpected or unexpectedly strong. Economic miracles have occurred in the recent histories of a number of countries, often those undergoing an economic boom or described as a tiger economy.

<span class="mw-page-title-main">Tatra Tiger</span>

"Tatra Tiger" is a nickname that refers to the economy of Slovakia in period 2002 – 2007, following the ascendance of a right-leaning coalition in September 2002 which engaged in a program of liberal economic reforms. The name "Tatra Tiger" derives from the local Tatra mountain range.

Developmental state, or hard state, is a term used by international political economy scholars to refer to the phenomenon of state-led macroeconomic planning in East Asia in the late 20th century. In this model of capitalism, the state has more independent, or autonomous, political power, as well as more control over the economy. A developmental state is characterized by having strong state intervention, as well as extensive regulation and planning. The term has subsequently been used to describe countries outside East Asia that satisfy the criteria of a developmental state. The developmental state is sometimes contrasted with a predatory state or weak state.

The Taiwan Miracle or Taiwan Economic Miracle refers to Taiwan's rapid economic development to a developed, high-income country during the latter half of the twentieth century.

<span class="mw-page-title-main">Tiger Cub Economies</span> Economies of the five dominant countries in Southeast Asia

The Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, the five dominant countries in Southeast Asia.

<span class="mw-page-title-main">Economy of East Asia</span>

The economy of East Asia comprises 1.6 billion people living in six different countries and regions. The region includes several of the world's largest and most prosperous economies: Taiwan, Japan, South Korea, China, Hong Kong, and Macau. It is home to some of the most economically dynamic places in the world, being the site of some of the world's most extended modern economic booms, including the Taiwan miracle (1950–present) in Taiwan, Miracle on the Han River (1974–present) in South Korea, Japanese economic miracle (1950–1990) and the Chinese economic miracle (1983–2010) in China.

<span class="mw-page-title-main">East Asia</span> Subregion of the Asian continent

East Asia is a region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. Hong Kong and Macau, two coastal cities located in the south of China, are autonomous regions under Chinese sovereignty. The economies of Japan, South Korea, China, Taiwan, Hong Kong, and Macau are some of the world's largest and most prosperous economies. East Asia borders Siberia and the Russian Far East to the north, Southeast Asia to the south, South Asia to the southwest, and Central Asia to the west. To the east is the Pacific Ocean and to the southeast is Micronesia.

While beginning in the United States, the Great Recession spread to Asia rapidly and has affected much of the region.

The East Asian model, pioneered by Japan, is a plan for economic growth whereby the government invests in certain sectors of the economy in order to stimulate the growth of specific industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and Taiwan. It has also been used by some to describe the contemporary economic system in Mainland China after Deng Xiaoping's economic reforms during the late 1970s and the current economic system of Vietnam after its Đổi Mới policy was implemented in 1986. Generally, as a country becomes more developed, the most common employment industry transitions from agriculture to manufacturing, and then to services.

References

  1. Day, Dong-Ching (2021). "Four Asian Tigers' Political and Economic Development Revisited 1998-2017: From the Perspective of National Identity". Asian Journal of Interdisciplinary Research. .4 (4): 54–61. doi: 10.54392/ajir2147 .
  2. "Can Africa really learn from Korea?". Afrol News. 24 November 2008. Archived from the original on 16 December 2008. Retrieved 16 February 2009.
  3. "Korea role model for Latin America: Envoy". Korean Culture and Information Service. 1 March 2008. Archived from the original on 22 April 2009. Retrieved 16 February 2009.
  4. Leea, Jinyong; LaPlacab, Peter; Rassekh, Farhad (2 September 2008). "Korean economic growth and marketing practice progress: A role model for economic growth of developing countries". Industrial Marketing Management. 37 (7): 753–757. doi:10.1016/j.indmarman.2008.09.002.
  5. Derek Gregory; Ron Johnston; Geraldine Pratt; Michael J. Watts; Sarah Whatmore, eds. (2009). "Asian Miracle/tigers". The Dictionary of Human Geography (5th ed.). Malden, MA: Blackwell. p.  38. ISBN   978-1-4051-3287-9.
  6. 1 2 3 Rodrik, Dani (1 April 1997). "The 'paradoxes' of the successful state". European Economic Review. 41 (3–5): 411–442. doi:10.1016/S0014-2921(97)00012-3. ISSN   0014-2921.
  7. Chang, Ha-Joon (2006). The East Asian Development Experience. Zed Books. ISBN   9781842771419. Archived from the original on 11 April 2023. Retrieved 28 September 2020.
  8. "Taiwan: Gross domestic product (GDP) in current prices from 1987 to 2028". Statista .
  9. "Gross domestic product (GDP) at current prices in Hong Kong from 2000 to 2022 with forecasts until 2028". Statista .
  10. "Singapore: Gross domestic product (GDP) in current prices from 1988 to 2028". Statista .
  11. "S. Korea now ranks world's 10th biggest economy". Hankyoreh . 22 April 2021.
  12. Data for "Real GDP at Constant National Prices" and "Population" from Economic Research at the Federal Reserve Bank of St. Louis Archived 3 October 2019 at the Wayback Machine .
  13. 1 2 3 4 5 Page, John (1994). "The East Asian Miracle: Four Lessons for Development Policy". In Fischer, Stanley; Rotemberg, Julio J. (eds.). NBER Macroeconomics Annual. Vol. 9. Cambridge, Massachusetts: MIT Press. pp. 219–269. doi:10.1086/654251. ISBN   978-0-262-06172-8. S2CID   153796598. Archived from the original on 2 February 2013.
  14. "Economic History of Hong Kong" Archived 17 April 2015 at the Wayback Machine , Schenk, Catherine. EH.net 16 March 2008.
  15. "Singapore Infomap – Coming of Age". Ministry of Information, Communications and the Arts. Archived from the original on 13 July 2006. Retrieved 17 July 2006.
  16. Michael H. Hunt (10 November 2003). The World Transformed: 1945 to the Present . Bedford/St. Martin's. p.  352. ISBN   978-0-312-24583-2.
  17. 1 2 3 4 5 6 Anonymous (2009). "Troubled Tigers". The Economist. Vol. 390, no. 8616. pp. 75–77. Archived from the original on 22 November 2018. Retrieved 6 September 2018.
  18. Rodrik, Dani; Grossman, Gene; Norman, Victor (1995). "Getting Interventions Right: How South Korea and Taiwan Grew Rich" (PDF). Economic Policy. 10 (20): 55–107. doi:10.2307/1344538. JSTOR   1344538. S2CID   56207031. Archived (PDF) from the original on 2 June 2018. Retrieved 27 August 2019.
  19. 1 2 Pam Woodall (1998). "East Asian Economies: Tigers adrift". The Economist. London; US: The Economist Intelligence Unit. pp. S3–S5. ISSN   0013-0613. ProQuest   224090151.
  20. Mukhopadhyaya, Bidisha; Pradhana, Rudra P.; Feridun, Mete (2011). "Finance-growth nexus revisited for some Asian countries". Applied Economics Letters. 18 (6): 1527–1530. doi:10.1080/13504851.2010.548771. S2CID   154797937.
  21. 1 2 Lin, Justin Yifu (27 October 2011). Demystifying the Chinese Economy. Cambridge University Press. p. 107. ISBN   978-0-521-19180-7. Archived from the original on 29 July 2016.
  22. DuBois, Thomas David (25 April 2011). Religion and the Making of Modern East Asia. Cambridge University Press. pp. 227–228. ISBN   978-1-139-49946-0. Archived from the original on 3 January 2016.
  23. Some Lessons from the East Asian Miracle Archived 29 September 2018 at the Wayback Machine , 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.
  24. "Hong Kong Credit Ratings". Fitch Ratings. Archived from the original on 6 February 2021. Retrieved 6 April 2020.
  25. "Rating Action: Moody's changes outlook on Hong Kong's Aa2 rating to negative from stable; affirms rating". Moody's Investors Service. 16 September 2019. Archived from the original on 26 November 2020. Retrieved 6 April 2020.
  26. Sin, Noah (8 October 2019). "S&P keeps Hong Kong's AA+ rating despite protests, cites strong finances". Reuters. Reuters. Archived from the original on 4 March 2020. Retrieved 6 April 2020.
  27. "Singapore Credit Ratings". Fitch Ratings. Archived from the original on 6 February 2021. Retrieved 6 April 2020.
  28. "Rating Action: Moody's affirms Singapore's Aaa ratings; maintains stable outlook". Moody's Investors Service. 12 November 2018. Archived from the original on 6 February 2021. Retrieved 6 April 2020.
  29. "Korea Credit Ratings". Fitch Ratings. Archived from the original on 6 February 2021. Retrieved 6 April 2020.
  30. "Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Korea, Government of". Moody's Investors Service. 15 February 2020. Archived from the original on 10 February 2021. Retrieved 6 April 2020.
  31. "S&P keeps Korea's rating at AA with stable outlook". Yonhap News Agency . Yonhap News Agency. 6 November 2019. Archived from the original on 6 November 2019. Retrieved 6 April 2020.
  32. "Taiwan - Credit Rating". fitchratings.com. Archived from the original on 30 November 2021. Retrieved 11 September 2021.
  33. "Moody's announces completion of a periodic review of ratings of Taiwan, Government of". Moody's Investors Service. 15 February 2020. Archived from the original on 26 July 2020. Retrieved 6 April 2020.
  34. "S&P raises Taiwan's long-term issuer credit ratings on strong economic performance". Reuters. 29 April 2022. Archived from the original on 9 May 2022. Retrieved 9 May 2022.
  35. "Countries in the world by population (2022)". worldometers. Archived from the original on 5 January 2018. Retrieved 2 June 2022.
  36. "Life Expectancy of the World Population". worldometers. Archived from the original on 31 March 2022. Retrieved 2 June 2022.
  37. Fertility Rate, Total for Hong Kong SAR, China Archived 22 November 2022 at the Wayback Machine Economic Research. Retrieved 22 November 2022.
  38. Fertility Rate, Total for Singapore Archived 22 November 2022 at the Wayback Machine Economic Research. Retrieved 22 November 2022.
  39. "S.Korea's birth rate decline accelerates to world's lowest". Archived from the original on 22 November 2022. Retrieved 22 November 2022.
  40. "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」". Archived from the original on 22 November 2022. Retrieved 22 November 2022.
  41. 1 2 Gallup, Inc. (16 December 2013). "Worldwide, Median Household Income About $10,000". gallup.com. Archived from the original on 5 February 2016.
  42. "Gallup® Global Wellbeing: The Behavioral Economics of GDP Growth" (PDF). Gallup. Archived from the original (PDF) on 24 September 2015. Retrieved 16 August 2017.
  43. "Human Development Report 2020: Reader's Guide". United Nation Development Program. 2020. Archived from the original on 16 April 2021. Retrieved 12 March 2021.
  44. "What is the human development index (HDI)? How are relevant data queried?" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). Archived (PDF) from the original on 12 June 2021. Retrieved 14 March 2021.
  45. "人類發展指數(Human Development Index, HDI)" (PDF) (in Chinese (Taiwan)). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 6 January 2011. Archived from the original (PDF) on 14 April 2021. Retrieved 13 March 2021.
  46. "國情統計通報(第 195 號)" (PDF). Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2021. Archived (PDF) from the original on 11 February 2023. Retrieved 16 October 2022.
  47. "National Statistics, Republic of China (Taiwan)". Directorate General of Budget, Accounting and Statistics, Executive Yuan, Taiwan (ROC). 14 October 2022. Archived from the original on 16 October 2022. Retrieved 16 October 2022.
  48. "The state of mobile network experience" (PDF). Opensignal. Archived from the original (PDF) on 24 May 2020. Retrieved 29 June 2021.
  49. "Visa Survey: Hongkongers choosing mobile to browse and purchase online". Visa Inc. 9 November 2015. Archived from the original on 4 September 2016. Retrieved 30 August 2016.
  50. "Singapore leads SEA in smartphone, MBB adoption". telecomasia.net. 8 June 2016. Archived from the original on 2 September 2016. Retrieved 30 August 2016.
  51. Carlon, Kris (26 June 2016). ""Made for Taiwan": the next billion-dollar app market". androidauthority.com. Archived from the original on 20 July 2016. Retrieved 30 August 2016.
  52. "Index 2023 – Global score". Reporters Without Borders . Archived from the original on 10 May 2023. Retrieved 3 May 2023.
  53. "The Global Competitiveness Report 2019" (PDF). Archived (PDF) from the original on 9 October 2019. Retrieved 21 October 2022.
  54. "HKMA joins SEACEN" (Press release). Hong Kong Government. Hong Kong Monetary Authority. 31 October 2014. Archived from the original on 17 February 2016. Retrieved 16 August 2017.

Further reading

Four Asian Tigers
Four Asian Tigers with flags.svg
The Four Asian Tigers, from north to south: South Korea, Taiwan, Hong Kong and Singapore