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Four Asian Tigers

Candlefocus Editor

The Four Asian Tigers or Four Asian Dragons, as they are sometimes known, are a group of rapidly developing East Asian economies. The name was created by a Wall Street Journal article in the late 1960s to refer to Hong Kong, Singapore, South Korea and Taiwan, countries that had achieved considerable economic success in a short space of time. They are also commonly known as the Asian Miracle.

While the countries that make up the Four Asian Tigers have all seen huge economic growth, they have also each followed a unique economic path, driven by their own government’s policies. As such, the countries have developed their own individual characteristics as noted by their styles of government, business and education.

The driving force behind the Four Asian Tigers’ success has been their focus on exports, which has enabled them to reap huge rewards from the lucrative international markets. This has been underpinned by their well-educated workforce, who have been crucial to their success. An educated populace was an advantage for these countries because it enabled them to specialize in high-technology exports, which have been highly profitable. Moreover, the large savings rate in these nations has allowed them to invest heavily in education and technology, which has powered their growth.

They have also invested heavily in infrastructure, such as ports, airports, roads and telecommunications networks, which have enabled them to perform better in global markets and to access a greater range of resources. Furthermore, governments in the Four Asian Tigers have used a variety of economic incentives – ranging from low taxes to preferential lending – to attract foreign direct investment, which has served to fuel their economic development.

The success achieved by the Four Asian Tigers has served as an inspiration to governments and businesses around the world. It is undeniable that these countries have been able to achieve stellar economic progress in a remarkably short time, and that their success can in large part be attributed to the commitment and foresight of their governments. Their success has also been down to the hard work and dedication of their populations, who have been willing to work hard and to invest their savings for the benefit of their countries. Despite the challenges these nations face, the Four Asian Tigers stand as a testament to what can be done when governments and people decide to work in unison towards economic success.

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