WikipediaExtracts:Four Asian Tigers
Extracted from Wikipedia --
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East 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.
As of 2020, South Korea's GDP is ranked 10th in the world ($1.6 trillion). This is greater than the combined GDP of Taiwan ($670 billion), Singapore ($340 billion), and Hong Kong ($340 billion). Despite of total GDP, South Korea remains the lowest GDP per capita among four economies in both terms of nominal or PPP measures as of 2023.
