Tiger Cub Economies

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

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

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]

2019 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.png  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 32.801364,70211,415943,33629,526
5Flag of Vietnam.svg  Vietnam 95.494261,9212,715807,8178,374


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

The economy of the Philippines is the world's 27th largest economy by nominal GDP according to the International Monetary Fund 2021 and the 10th largest economy in Asia. The Philippines is one of the emerging markets and the 3rd highest in Southeast Asia by GDP nominal after Thailand and Indonesia.

Southeast Asia Subregion of Asia

Southeast Asia or Southeastern Asia is the geographical southeastern subregion of Asia, consisting of the regions that are south of China, southeast of the Indian subcontinent and north-west 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, Southeast Asia is the only other subregion of Asia that lies partly within the Southern Hemisphere. The majority of the subregion is still in the Northern Hemisphere. East Timor and the southern portion of Indonesia are the only parts that are south of the Equator.

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

The Four Asian Tigers are the economies of South Korea, Taiwan, Singapore and Hong Kong. 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

The Bamboo Curtain was the Cold War political demarcation between the Communist states of East Asia, particularly the 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 Mongolia. 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.

Spanish miracle Economic boom in Spain 1959-1974

The Spanish miracle was the name given to a period of exceptionally rapid and broadly-based economic development in Spain from 1959 to 1974, during the latter part of the Francoist regime. The economic boom was brought to an end by the 1970s international oil and stagflation crises.

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).

An emerging market is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for developing countries with smaller, riskier, or more illiquid capital markets than "emerging". As of 2006, the economies of China and India are considered to be the largest emerging markets. According to The Economist, many people find the term outdated, but no new term has gained traction. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion. The nine largest emerging and developing economies by either nominal or PPP-adjusted GDP are 4 of the 5 BRICS countries along with Indonesia, South Korea, Mexico, Saudi Arabia and Turkey.

Tiger economy

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.

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.

East Asian cultural sphere Grouping of countries and regions that were historically influenced by the culture of China

The East Asian cultural sphere, otherwise known as the Sinosphere, the Sinic world, the Sinitic world, or the Chinese cultural sphere, encompasses diverse countries within East and Southeast Asia that were historically heavily influenced by Chinese culture. Some definitions may also include other territories as well, such as Mongolia, and Siberia, having received less influence from China.

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 Overview of the demographics of Asia

The continent of Asia covers 29.4% of the Earth's land area and has a population of around 4.5 billion, accounting for about 60% of the world population. The combined population of both China and India are estimated to be over 2.7 billion people as of 2015. 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 West 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 is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Hong Kong, Macau, Japan, South Korea and Taiwan. It has also been used to classify the contemporary economic system in Mainland China since the 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.

Bamboo network

The Bamboo network or the Chinese Commmonwealth is a term used to conceptualize connections between businesses operated by the Overseas Chinese community in Southeast Asia. The Overseas Chinese business networks constitute the single most dominant private business groups outside of East Asia. It links the Overseas Chinese business community of Southeast Asia, namely Myanmar, Malaysia, Indonesia, Thailand, the Philippines, and Singapore with the economies of Greater China. Ethnic Chinese play a leading role in Southeast Asia's business sector as they dominate Southeast Asia's economy today and form the economic elite across all the major Southeast Asian countries. The Chinese have been an economically powerful and prosperous minority for hundreds of years and today exert a powerful economic influence throughout the region. Overseas Chinese wield tremendous economic clout over their indigenous Southeast Asian majority counterparts and play a critical role in maintaining the regions aggregate economic vitality and prosperity. Since the turn of the 21st century, postcolonial Southeast Asia has now become an important pillar of the Overseas Chinese economy as the bamboo network represents an important symbol manifesting itself as an extended international economic outpost of Mainland China.

Regional Comprehensive Economic Partnership Asia-Pacific free trade agreement

The Regional Comprehensive Economic Partnership is a free trade agreement between the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population and 30% of global GDP as of 2020, making it the biggest trade bloc in history. Unifying the preexisting bilateral agreements between the 10-member ASEAN and five of its major trade partners, the RCEP was signed on 15 November 2020 at a virtual ASEAN Summit hosted by Vietnam, and will take effect 60 days after it has been ratified by at least six ASEAN and three non-ASEAN signatories.

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".

Economic history of Malaysia

Since its formation in 1963, Malaysia's economic performance has been one of Asia's best. Real gross domestic product (GDP) grew by an average of 6.5% per year from 1957 to 2005. Performance peaked in the early 1980s through the mid-1990s, as the economy experienced sustained rapid growth averaging almost 8% annually. High levels of foreign and domestic private investment played a significant role as the economy diversified and modernised. Once heavily dependent on primary products such as rubber and tin, Malaysia today is an upper middle-income country with a multi-sector economy based on services and manufacturing. Malaysia is one of the world's largest exporters of semiconductor components and devices, electrical goods, solar panels, and information and communication technology (ICT) products.

References

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