Presented By :

Subhi Bundela

Shweta Solanki

Sunil Chichra

Supriya Jain

Surbhi Ranade

Hong Kong

Singapore

South Korea

Taiwan

Also known as Asian Dragons

Which referred to the highly free and developed economies of Hong Kong, Singapore South Korea and Taiwan.

All were developed and high-income economies

A focus on exports, an educated population and high savings rates. The economies of the four tigers have proved to be

resilient enough to withstand local crises, such as the Asian financial crisis of 1997, as well as global shocks like the

credit crunch of 2008. The IMF includes the four Asian tigers in its category of 35 advanced economies.

Nowadays, IMF includes 4 Asian tigers in its category of 35 advanced economies.

All four territories had a strong degree of Chinese influence, with most having a large ethnic Chinese community (except South Korea; cultural influence), Singapore had a population that included 75% ethnic Chinese, Hong Kong had 95% and Taiwan had 98%.

During the 1960's they had an abundance of cheap labour

They had non-democratic and relatively authoritarian political systems during the early years, so the governments could easily drive through their plans for economic development.

They focused their development drive on exports to richer industrialized nations rather than focusing on import substitution, which meant that they built up trade surpluses with the industrialized countries.

Hong Kong and Singapore have become world-

leading international financial centres, whereas

South Korea and Taiwan are world leaders in

manufacturing information technology

Their economic success stories have served as

role models for many developing countries,

especially the Tiger Cub Economies i.e.

Indonesia, Malaysia, Thailand and the

Philippines

Focus on increasing exports

High growth rates (excess 7 percent per year)

Rapid industrialization

Education of population

High saving rates

Small sized with small population

Little or no natural resources

Same Culture background (Confucianism)

Affected by Western countries

Specialization in areas

Skilled and cheap workforce

Stable political environment

Market economies / trade gateways

Coastal / Maritime access

Rapid industrialization driven by exports

Low taxation and free trade

Service-based economy in the 1980s

GDP grew 180 times (1961~1997)

largest re-export center

Foreign direct investment and a state-led drive

One of the least corrupt countries

Skilled workforce

Depends heavily on exports and refining imported goods

Tourism (medical tourism)

Heavily dependent on international trade

Outward-looking strategy in early 1960s

Government initiatives

Huge national conglomerates

19-point program of Economic and Financial

Reform

Help of USAID

Liberalized market controls

Country or

territory

GDP

nominal

millions of

USD (2011)

GDP PPP

millions of

USD (2011)

GDP

nominal per

capita

USD (2011)

GDP PPP

per capita

USD (2011)

Trade

millions of

USD (2011)

Exports

millions of

USD (2011)

Imports

millions of

USD (2011)

Hong Kong 246,941 354,272 34,049 49,342 944,800 451,600 493,200

Singapore 266,498 314,963 49,270 59,936 818,800 432,100 386,700

South Korea 1,163,847 1,556,102 23,749 31,753 1,084,000 558,800 525,200

Taiwan 504,612 886,489 21,591 37,931 623,700 325,100 298,600

The export oriented economies of the four Asian tiger nations which benefited from American consumption

No small part to each country’s government fiscal stimulus measures

These fiscal packages accounted for more than 4% of each country's GDP in 2009

Another reason for the strong bounce back is the modest corporate and household debt in these four nations.

Attributed to export oriented policies and strong development policies

Sustained rapid growth and high levels of equal income distribution

A World Bank report suggests two development policies among

others as sources for the Asian miracle: factor accumulation and

macroeconomic management

High levels in physical and human capital amongst the four

countries, this subsequently led to a rapid growth in per capita income

levels

While high investments were essential to the economic growth of

these countries

Role of human capital was also important, Education in particular is

cited as playing a major role in the Asian miracle

Decrease in the gap between male and female enrolments

Impact on all of the four Asian tiger economies. South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35-50%.

By the beginning of 1997, the stock market in Hong Kong, Singapore, and South Korea also saw losses of at least 60 % in dollar terms.

However, four Asian tiger nations recovered from the 1997 crisis faster than other countries due to various economic advantages including their high savings rate (except South Korea) and their openness to trade.

Were hit hard by the financial crisis of 2007-

2008, the GDP of all four nations fell by an

average annualized rate of around 15%.

Exports also fell by a 50% annualized rate, Weak

domestic demand also affected the recovery of

these economies.

In 2008, retail sales fell 3% in Hong Kong, 6% in

Singapore and 11% in Taiwan.