Four Asian Tigers

The Four Asian Tigers ( the Four Asian Dragons or Four Little Dragons in Korean and Chinese) are the developed 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; Taiwan now produces the most advanced semiconductor chips in the world; South Korea has also developed into a major global arms manufacturer. 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. Other institutional and empirical analyses have argued that extensive state intervention and industrial policy had a much greater influence than the World Bank suggested.

Overview

thumb|right|upright=2|Growth in per capita GDP in the tiger economies between 1960 and 2019

Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Unique to these economies were the 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. A paper in The American Journal of Economics and Sociology attributes the Four Tigers' success to multiple factors:

The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. Following Singapore's independence from Malaysia, the Economic Development Board formulated and implemented national economic strategies to promote the country's manufacturing sector. Industrial estates were set up and foreign investment was attracted to the country with tax incentives. Meanwhile, Taiwan and South Korea began to industrialize in the mid-1960s with heavy government involvement including initiatives and policies. Both countries pursued export-oriented industrialization as in Hong Kong and Singapore. The four countries were inspired by Japan's evident success, and they collectively pursued the same goal by investing in the same categories: infrastructure and education. They also benefited from foreign trade advantages that set them apart from other countries, most significantly economic support from the United States, including Free Development aid; part of this is manifested in the proliferation of American electronic products in common households of the Four Tigers.

By the end of the 1960s, levels in physical and human capital in the four economies far exceeded other countries at similar levels of development. This subsequently led to a rapid growth in per capita income levels. While high investments were essential to their economic growth, the role of human capital was also important. Education in particular is cited as playing a major role in the Asian economic miracle. The levels of education enrollment in the Four Asian Tigers were higher than predicted given their level of income. By 1965, all four nations had achieved universal primary education.

Dani Rodrik, economist at the John F. Kennedy School of Government at Harvard University, has in a number of studies argued that state intervention was important in the East Asian growth miracle. 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. Singapore and Taiwan were relatively unscathed. The Four Asian Tigers 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.

Gross domestic product (GDP)

In 2018, the combined economy of the Four Asian Tigers constituted 3.46% of the world's economy with a total Gross domestic product (GDP) of 2,932 billion US dollars. The GDP in Hong Kong, Singapore, South Korea and Taiwan was worth 363.03 billion, 361.1 billion, 1,619.42 billion and 589.39 billion US dollars respectively in 2018, which represented 0.428%, 0.426%, 1.911% and 0.696% of the world economy. Together, their combined economy surpassed the United Kingdom's GDP of 3.34% of the world's economy some time in the mid-2010s. In 2021, each of the Four Asian Tigers' GDP Per capita (nominal) exceeds $30,000 according to IMF's estimate.

File:Skylines of the Central Business District, Singapore at dusk.jpg|Singapore

File:Seoul (175734251) (cropped).jpg|Seoul, South Korea

</gallery>

File:Hong Kong Night view.jpg|Hong Kong

File:Taipei Night Skyline 20230402.jpg|Taipei, Taiwan

</gallery>

Education and technology

The four governments focused on investing heavily in their infrastructure as well as education to benefit their country through skilled workers and higher level jobs such as engineers and doctors. The policy was generally successful and helped develop the countries into more advanced and high-income industrialized developed countries. For example, all four countries have become global education centers with Singapore, Taiwan, South Korea and Hong Kong high school students scoring well on math and science exams such as the PISA exam and with Taiwanese students winning several medals in International Olympiads.

In relation to higher-level education, there are many prestigious colleges as in most developed countries. In the 2023 QS University Rankings, the top 100 universities in the world include 5 universities from Hong Kong, 6 universities from South Korea, 2 from Singapore and 1 from Taiwan. Despite the small populations and the relatively short history of universities in the four countries, they together account for a quarter of the top 100 universities located outside of the United States or the United Kingdom. Notable schools include the National Taiwan University, Chinese University of Hong Kong, The Hong Kong University of Science and Technology, Seoul National University, National University of Singapore, Nanyang Technological University and University of Hong Kong. The cities of Hong Kong, Singapore and Seoul are prominent hubs in higher education.

Cultural basis

The role of Confucianism has been used to explain the success of the Four Asian Tigers. This conclusion is similar to the Protestant work ethic theory in the West promoted by German sociologist Max Weber in his book The Protestant Ethic and the Spirit of Capitalism. The culture of Confucianism is said to have been compatible with industrialization because it valued stability, hard work, discipline, and loyalty and respect towards authority figures. There is a significant influence of Confucianism on the corporate and political institutions of the Asian Tigers. Prime Minister of Singapore Lee Kuan Yew advocated Asian values as an alternative to the influence of Western culture in Asia. This theory was not without its critics. There was a lack of mainland Chinese economic success during the same time frame as the Four Tigers, and yet China was the birthplace of Confucianism. During the May Fourth Movement of 1919, Confucianism was blamed for China's inability to compete with Western powers.

Territory and region data

Credit ratings

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! Country or territory

! Fitch

! Moody's

! S&P

| style="text-align:left;" | Hong Kong

| align="center" | AA

| align="center" | Aa2

| align="center" | AA+

| style="text-align:left;" | Singapore

| align="center" bgcolor=#ccffcc| AAA

| align="center" bgcolor=#ccffcc| Aaa

| align="center" bgcolor=#ccffcc| AAA

| style="text-align:left;" | South Korea

| align="center" | AA−

| align="center" | Aa2

| align="center" | AA

| style="text-align:left;" | Taiwan

| align="center" | AA

| align="center" | Aa3

| align="center" | AA+

Demographics

{| class="wikitable sortable" border="1"

|- style="background:#ececec;"

! Country or territory

! Area (km2)

! Population (2020)

! Population density (per km2)

! Life expectancy at birth (2020)

! Median age (2020)

! Birth rate (2015)

! Death rate (2023)

! Fertility rate (2020)

! Net migration rate (2015–2020)

! Population growth rate (2023)

| style="text-align:left;" | Hong Kong

| align="center" | 1,106

| align="center" | 7,496,981

| align="center" | 7,140

| align="center" bgcolor=#ccffcc| 85.29

| align="center" | 45

| align="center" | 0.8%

| align="center" | 0.80%

| align="center" | 0.87

| align="center" | 0.40%

| align="center" bgcolor=#ccffcc| 0.15

| style="text-align:left;" | Singapore

| align="center" | 728

| align="center" | 5,850,342

| align="center" bgcolor=#ccffcc| 8,358

| align="center" | 84.07

| align="center" bgcolor=#ccffcc| 42

| align="center" bgcolor=#ccffcc| 0.9%

| align="center" bgcolor=#ccffcc| 0.42%

| align="center" bgcolor=#ccffcc| 1.10

| align="center" bgcolor=#ccffcc| 0.47%

| align="center" | 0.90

| style="text-align:left;" | South Korea

| align="center" bgcolor=#ccffcc| 100,210

| align="center" bgcolor=#ccffcc| 51,269,185

| align="center" | 527

| align="center" | 83.50

| align="center" | 44

| align="center" | 0.8%

| align="center" | 0.73%

| align="center" | 0.84

| align="center" | 0.02%

| align="center" | 0.23

| style="text-align:left;" | Taiwan

| align="center" | 36,197

| align="center" | 23,816,775

| align="center" | 673

| align="center" | 81.04

| align="center" bgcolor=#ccffcc| 42

| align="center" | 0.8%

| align="center" | 0.80%

| align="center" | 0.99

| align="center" | 0.13%

| align="center" | 0.03

Economy

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! rowspan=2|Country or territory

! colspan=2|GDP (millions of USD, 2024)

! colspan=2|GDP per capita (USD, 2024)

! rowspan=2| Trade (billions of USD, 2023)

! colspan=2|(billions of USD, 2023)

! rowspan=2|Industrial growth rate (%) (2023)

! rowspan=2|Currency

! Nominal

! PPP

! Nominal

! PPP

! Exports

! Imports

| style="text-align:left;" | Hong Kong

| align="center" | 422,057

| align="center" | 569,830

| align="center" | 53,165

| align="center" | 75,128

| align="center" | 1,416

| align="center" | 673.3

| align="center" | 669.1

| align="center" bgcolor=#ccffcc| 5.1

| align="center" | Hong Kong dollar

| style="text-align:left;" | Singapore

| align="center" | 561,725

| align="center" | 879,980

| align="center" bgcolor=#ccffcc| 89,370

| align="center" bgcolor=#ccffcc| 148,186

| align="center" | 917

| align="center" bgcolor=#ccffcc| 778.0

| align="center" | 475.5

| align="center" | -2.9

| align="center" | Singapore dollar

| style="text-align:left;" | South Korea

| align="center" bgcolor=#ccffcc| 1,947,133

| align="center" bgcolor=#ccffcc| 3,260,000

| align="center" | 36,132

| align="center" | 62,960

| align="center" bgcolor=#ccffcc| 1,663

| align="center" | 769.5

| align="center" bgcolor=#ccffcc| 738.4

| align="center" | -1.1

| align="center" | South Korean won

| style="text-align:left;" | Taiwan

| align="center" | 814,438

| align="center" | 1,840,000

| align="center" | 33,234

| align="center" | 79,031

| align="center" | 1,005

| align="center" | 536.1

| align="center" | 437.3

| align="center" | 3.9

| align="center" | New Taiwan dollar

Quality of life

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! Country or territory

! Human Development Index (2021 data)

! Income inequality by Gini coefficient

! Median household income (2013), USD PPP

! Median per-capita income (2013), USD PPP

| style="text-align:left;" | Hong Kong

| align="center" bgcolor=#ccffcc | 0.952 (4th)

| align="center" | 53.9 (2016)

| align="center" | 35,443

| align="center" | 9,705

| align="center" | 19%

| style="text-align:left;" | Singapore

| align="center" | 0.939 (12th)

| align="center" | 46.4 (2014)

| align="center" | 32,360

| align="center" | 7,345

| align="center" | 19%

| style="text-align:left;" | South Korea

| align="center" | 0.925 (19th)

| align="center" | 34.1 (2015)

| align="center" bgcolor=#ccffcc| 40,861

| align="center" bgcolor=#ccffcc| 11,350

| align="center" bgcolor=#ccffcc| 28%

| style="text-align:left;" | Taiwan

| align="center" | 0.926 (–)

| align="center" bgcolor=#ccffcc | 33.6 (2014)

| align="center" | 32,762

| align="center" | 6,882

| align="center" | 22%

Technology

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! Country or territory

! Average Internet connection speed (2020)

! Smartphone usage (2016)

! Use of renewable electricity

| style="text-align:left;" | Hong Kong

| align="center" | 21.8 Mbit/s

| align="center" | 87%

| align="center" | 0.3%

| style="text-align:left;" | Singapore

| align="center"| 47.5 Mbit/s

| align="center" bgcolor=#ccffcc| 100%

| align="center" | 3.3%

| style="text-align:left;" | South Korea

| align="center" bgcolor=#ccffcc| 59.6 Mbit/s

| align="center" | 89%

| align="center" | 2.1%

| style="text-align:left;" | Taiwan

| align="center" | 28.9 Mbit/s

| align="center" | 78%

| align="center" bgcolor=#ccffcc| 4.4%

Politics

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! Country or territory

! Democracy Index (2022)

! Press Freedom Index (2023)

! Corruption Perceptions Index (2022)

! Global Competitiveness Index (2019)

! Ease of doing business index (2020)

! Property rights index (2015)

! Bribe Payers Index (2011)

! width=200|Current political status

| style="text-align:left;" | Hong Kong

| align="center" | 5.28

| align="center" | 44.86

| align="center" | 76

| align="center" | 83.1

| align="center" | Very Easy (3rd)

| align="center" | 7.6

| style="text-align:left;" | Executive-led Special Administrative Region of the People's Republic of China

| style="text-align:left;" | Singapore

| align="center" | 6.22

| align="center" | 47.88

| align="center" bgcolor=#ccffcc| 85

| align="center" bgcolor=#ccffcc| 84.8

| align="center" bgcolor=#ccffcc| Very Easy (2nd)

| align="center" bgcolor=#ccffcc| 8.1

| align="center" bgcolor=#ccffcc| 8.3

| style="text-align:left;" | Parliamentary Republic

| style="text-align:left;" | South Korea

| align="center" | 8.03

| align="center" | 70.83

| align="center" | 63

| align="center" | 79.6

| align="center" | Very Easy (5th)

| align="center" | 5.9

| align="center" | 7.9

| style="text-align:left;" | Presidential Republic

| style="text-align:left;" | Taiwan

| align="center" bgcolor=#ccffcc| 8.99

| align="center" bgcolor=#ccffcc | 75.54

| align="center" | 68

| align="center" | 80.2

| align="center" | Very Easy (15th)

| align="center" | 6.9

| align="center" | 7.5

| style="text-align:left;" | Semi-Presidential Republic

Organizations and groups

{| class="wikitable sortable" border="1" style="font-size:100%"

|- style="background:#ececec;"

! Country or territory

! UN

! WTO

! OECD

! DAC

! APEC

! ADB

! AIIB

! SEACEN

! G20

! EAS

! ASEAN

| style="text-align:left;" | Hong Kong

| align="center" bgcolor="#ffcccc" |