Four Asian Tigers
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the economies of South Korea, Taiwan, Singapore and Hong Kong. Between the early 1960s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
|Four Asian Tigers|
|Literal meaning||Asia's Four Little Dragons|
|Hangul||아시아의 네 마리 용|
|Hanja||아시아의 네 마리 龍|
|Literal meaning||Asia's four dragons|
|Malay||Empat Harimau Asia|
|Tamil||நான்கு ஆசியப் புலிகள்|
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 centers, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Their economic success have served as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia.
In 1993, a controversial 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.