Tiger Cub Economies

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The Tiger Cub Economies (in yellow) consist of five countries, Indonesia, Malaysia, Philippines, Thailand, Vietnam.
Also shown are the original tigers (South Korea, Taiwan, Singapore and Hong Kong) (in red). Novos Tigres Asiaticos.png
The Tiger Cub Economies (in yellow) consist of five countries, Indonesia, Malaysia, Philippines, Thailand, Vietnam.
Also shown are the original tigers (South Korea, Taiwan, Singapore and Hong Kong) (in red).

The Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, [1] the five dominant countries in Southeast Asia. [2] [3]

Contents

Overview

The Tiger Cub Economies are so named because they attempt to follow the same export-driven model of technology and economic development already achieved by the rich, high-tech, industrialized, and developed countries of South Korea and Taiwan, along with the wealthy financial centers of Hong Kong and Singapore, which are all collectively referred to as the Four Asian Tigers. [4] [5] [6] [7] Young tigers are referred to as "cubs", the implication being that the five newly industrialized countries [8] who make up the Tiger Cub Economies are rising Tigers. In fact, four countries are included in HSBC's list of top 50 economies in 2050, [9] while Indonesia, Vietnam and the Philippines are included in Goldman Sachs's Next Eleven list of high potential economies because of their rapid growth[ quantify ] and large population.

Overseas Chinese entrepreneurs played a major prominent role in the development of the region's private sectors. These businesses are part of the larger bamboo network, a network of overseas Chinese businesses operating in the markets of developing countries like Malaysia, Indonesia, Thailand, and the Philippines that share common family and cultural ties. [10] China's transformation into a major economic power in the 21st century has led to increasing investments in Southeast Asian countries where the bamboo network is present. [11]

2020 Data

GDP and GDP per capita data are according to World Bank's July 2020 data. [12]

RankCountryPopulation
in million

GDP Nominal
millions of
USD
GDP Nominal
per capita
USD
GDP (PPP)
millions of
USD
GDP (PPP)
per capita
USD
Infobox ASEAN flag.svg  ASEAN 654.3063,173,1414,8498,454,65112,921
1Flag of Indonesia.svg  Indonesia 266.9981,119,1914,1363,329,16912,302
2Flag of Thailand.svg  Thailand 67.913543,6507,8081,338,78119,228
3Flag of the Philippines.svg  Philippines 108.307376,7963,4851,003,0389,277
4Flag of Malaysia.svg  Malaysia 32.801338.28011,415978.78029,340
5Flag of Vietnam.svg  Vietnam 95.494354,8003,7581,142,17711,677

Economies of Southeast Asia

Developing economies of the Tiger Cubs

Developed economies of the Four Asian Tigers

See also

Related Research Articles

Economy of the Philippines National economy of the Philippines

The economy of the Philippines is the world's 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the fastest-growing emerging markets, and the 3rd highest economy in Southeast Asia by nominal GDP, following Thailand and Indonesia.

Southeast Asia South-eastern region of Asia

Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, south-eastern Asia or SEA, is the geographical south-eastern region of Asia, consisting of the regions that are situated south of Mainland China, east of the Indian subcontinent, and north of Australia. Southeast Asia is bordered to the north by East Asia, to the west by South Asia and the Bay of Bengal, to the east by Oceania and the Pacific Ocean, and to the south by Australia and the Indian Ocean. Apart from the British Indian Ocean Territory and two out of 26 atolls of Maldives in South Asia, Maritime Southeast Asia is the only other subregion of Asia that lies partly within the Southern Hemisphere. Mainland Southeast Asia is completely in the Northern Hemisphere. East Timor and the southern portion of Indonesia are the only parts that are south of the Equator.

Economy of Taiwan National economy of Taiwan

The economy of Taiwan is a highly developed market economy. It is the 8th largest in Asia and 18th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. It is gauged in the high-income economies group by the World Bank. Taiwan is the most technologically advanced computer microchip maker in the world.

Four Asian Tigers Economies of South Korea, Taiwan, Singapore and Hong Kong

The Four Asian Tigers are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1960s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.

Bamboo Curtain Cold War political demarcation

The Bamboo Curtain is a Cold War political demarcation between the Communist states of East Asia, particularly People's Republic of China, and the capitalist and non-Communist states of East, South and Southeast Asia. To the north and northwest lay the Communist states of China, the Soviet Union, North Vietnam, North Korea, and Mongolian People's Republic. To the south and east lay the capitalist and non-Communist countries of India, Pakistan, Japan, Indonesia, Malaysia, Singapore, the Philippines, Thailand, Taiwan, South Korea, British Hong Kong, and Portuguese Macau. Before the Indochina Wars the non-Communist bloc included French Indochina and its successor states South Vietnam, Laos, and Cambodia. However, after the wars the new countries of Vietnam, Laos, and Democratic Kampuchea became Communist states. In particular, following the Korean War, the Korean Demilitarized Zone became an important symbol of this Asian division.

1997 Asian financial crisis Financial crisis of many Asian countries during the second half of 1997

The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid and worries of a meltdown subsided. The crisis started in Thailand on 2 July, with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar. Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. As the crisis spread, most of Southeast Asia and later South Korea and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.

The economy of Asia comprises more than 4.5 billion people living in 49 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, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, economic boom (1978–2013) in China, Tiger Cub Economies (1990–present) in Indonesia, Malaysia, Thailand, Philippines, and Vietnam, and economic boom in India (1991–present).

Tiger economy 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.

Asia-Pacific Geographical and geopolitical region in Asia and Oceania

Asia-Pacific (APAC) is the part of the world near the western Pacific Ocean. The Asia-Pacific region varies in area depending on context, but it generally includes East Asia, Russian Far East, South Asia, Southeast Asia, Australasia and Pacific Islands.

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.

Asian Century Projected dominance of Asian politics and culture during the 21st century

The Asian Century is the projected 21st-century dominance of Asian politics and culture, assuming certain demographic and economic trends persist. The concept of Asian Century parallels the characterisation of the 19th century as Britain's Imperial Century, and the 20th century as the American Century.

Japanese foreign policy toward Southeast Asia, the diverse region stretching from South Asia to the islands in the South Pacific Ocean, was in part defined by Japan's rapid rise in the 1980s as the dominant economic power in Asia. The decline in East-West and Sino-Soviet tensions during the 1980s suggested that economic rather than military power would determine regional leadership. During the decade, Japan displaced the United States as the largest provider of new business investment and economic aid in the region, although the United States market remained a major source of Asia-Pacific dynamism. Especially following the rise in value of the yen relative to the US dollar in the late-1980s, Japan's role as a capital and technology exporter and as an increasingly significant importer of Asian manufactured goods made it the core economy of the Asia-Pacific region.

East Asian cultural sphere Areas historically influenced by Chinese culture

The East Asian cultural sphere, also known as the Sinosphere, the Sinic world, the Sinitic world, the Chinese cultural sphere, the Chinese character sphere encompasses multiple countries in East and Southeast Asia that were historically influenced by Chinese culture. According to academic consensus, the East Asian cultural sphere is made up of four entities: Greater China, Japan, Korea, and Vietnam. Other definitions sometimes include other countries such as Mongolia and Singapore, because of limited historical Chinese influences or increasing modern-day Chinese diaspora. The East Asian cultural sphere is not to be confused with the Sinophone world, which includes countries where the Chinese-speaking population is dominant.

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.

Demographics of Asia

The continent of Asia covers 29.4% of the Earth's land area and has a population of around 4.69 billion, accounting for about 60% of the world population. The combined population of both China and India are estimated to be over 2.8 billion people as of 2021. Asia's population is projected to grow to 5.26 billion by 2050, or about 54% of projected world population at that time. Population growth in Asia was close to 1.2% p.a. as of 2015, with highly disparate rates. Many Western Asian countries have growth rates above 2% p.a., notably Pakistan at 2.4% p.a., while China has a growth rate below 0.5% p.a..

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 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 Doi Moi policy was implemented in 1986.

ASEAN–China Free Trade Area

The ASEAN–China Free Trade Area (ACFTA) is a free-trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China.

Regional Comprehensive Economic Partnership 2020 Asia-Pacific free trade agreement

The Regional Comprehensive Economic Partnership is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population and 30% of global GDP, making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.

MINT (economics) Economies of Mexico, Indonesia, Nigeria and Turkey

MINT is an acronym referring to the economies of Mexico, Indonesia, Nigeria, and Turkey. The term was originally coined in 2014 by Fidelity Investments, a Boston-based asset management firm, and was popularized by Jim O'Neill of Goldman Sachs, who had created the term BRIC. The term is primarily used in the economic and financial spheres as well as in academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds issued by these governments. These four countries are also part of the "Next Eleven".

Indo-Pacific Economic Framework Economic initiative led by the United States

Indo-Pacific Economic Framework for Prosperity (IPEF) is an economic initiative launched by United States President Joe Biden on May 23, 2022. The framework launched with a total of fourteen participating founding member nations, with the late entry of Fiji, the first South Pacific Island to join, with an open invitation for other countries to join at any time.

References

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