The Asian Tigers

The Asian Tigers – at the beginning it was the name of the four East Asian countries – Singapore, South Korea, Taiwan and Hong Kong, which in the years 1960-1995 reached the very rapid GDP growth (a few dozen percent per annum). The name was expanded to Asian countries, which since the 80s have begun to achieve similar economic results – were among them China, Indonesia, Malaysia, Macau, Thailand, Vietnam and the Philippines. It can therefore be briefly stated that “Asian tigers” is the journalistic name of Asian countries, which in the last decades of the twentieth century achived a very rapid economic development.

Economists trying to investigate the phenomenon of “Asian tigers” have found that the situation appeared because:

– There entered graduate students, while protecting domestic markets,

– In this part of the world population has a huge respect for the work – work and a kind of work ethic,

– Requirements living wage and the local population in the first period were very small, which increased the profitability of production, investment, etc.,

– High level of investment (including foreign) and savings

– Favorable geopolitical location, so that these countries have free access to the markets of developed countries.

The end of the 90s brought for a part of the “Asian tigers” a temporary slowdown in economic growth, and in some cases a temporary downturn. However, in the twenty-first century, there has been a resurgence and maintain a winning streak. An important role in these countries also plays membership in the United Nations Association of Southeast Asian Nations (ASEAN), as implemented in the framework of this cooperation, the free trade zone has allowed its members to effectively compete with the economic powers of the world.