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.
