loans deposited into checking account same day
formula for loan payment from monthly payment
easy credit farm warframe
ocwen loan services
bank of nevada medical loans
pitch weekly payday loans
questions about car loans
national quick cash sand springs
super pay day loan
brothers loan and finance in milwaukee
template letter for payday loan company
loan application help
fast loan no faxing
sheridan loans tulsa ok
instant auto finance lafayette rd
loan shark contacts
quicken loans arena section 7
getting a loan after a trust deed
government loan programs uk
are payday loans legal in new mexico
student loan bailouts
term loans finance
car title loans in mississippi
fcac credit card cheques
instant online loans for pensioners
young entrepreneurs loan
qarzehasna loan in karachi
money tree payday loan
collateral loans panama city fl
lloyds cashing cheques
personal loan comparison rate
cash checking hartford ct
new payday lender list
i need a loan for 5000 dollars
where to borrow games
qantas credit union home loans
nationwide cash overseas
cash reward credit cards comparison
cash loan in new york
203k loan borrowing limits
check n go payday loans online
aib loan department contact
lebowski koans
fha loans concord ca
next pay advance
calculate annual interest rate on payday loans
interest free loans for federal employees
best new car loans
profondeur lac daydat
check city
i need a loan for a small business
ibc personal loans
home loans michigan rates
ge creditline cash advance fees
christmas loans jackson hewitt
cash central north logan utah
online finance for tv
continental loans taos nm
free pay advance form
no credit check loans for small business
loans with bad credit phone numbers
cash loans in las vegas nv
australian unity home loan
how to apply for grants and loans
ace fast cash express
hdfc personal loan form
short term loans comparison
paydayuk faster payments
sam day loans
logbook loans on financed cars
how many harp loans have been made
401k loan or home equity loan
no credit check car dealerships
what kind of home loan is best for me
loan companies same day loan
repayment of student loans scotland regulations 2000
good easy money
moneylenders rules singapore
online bank personal loans
bad credit car loans orlando florida
debt consolidation loans in sa
all american cash advance inc
student loans chase payment
rbc cashing cheques
lone ranger imdb
no fax same day payday loans online
community payday
apply for a credit card bank of scotland
paycheck advance sparks nv
what do loan officers look for
instant credit toys r us
plain green zipper hoodie
speedy loan in gallup nm
personal loan dcu
nevada loan services
loan approval message
hdfc home loan branches delhi
corporate finance shortterm financial
ninja 300 loan india
sample loan agreement with personal guarantee
best options for personal loans
how to get money to start a business with bad credit
can i claim ppi on unsecured loans
repro 10 fast cast urethane
account now website
used car loans charlotte nc
soft loans in ghana
guaranteed approval for personal loans
undergraduate unsubsidized stafford loans
long term loans bad credit australia
i need cash but not a payday loan
how to get fast money on the sims freeplay
payday loans jane mo
pay student loans fast or slow
home loan for purchase of plot and construction
payday loans for debit card holders
bad credit rating personal loans
small business loan for disabled
sonic boom payday loans
bank loans after bankruptcy
personal loans repayment table
wells fargo direct deposit advance payments
idaho title loans appleway
nascar quicken loans 400 live
payday loans that do not require credit checks
security finance online loan application
payday loan augusta ga
virtual pay cash net
how much does the va guarantee on a home loan
can you get two payday loans at once in florida
40000 personal loan
easy home loan pre approval
trusted payday loans yahoo
lic personal loans
hard money lender in ct
pay off my bestbuy credit card online
4 fotos 1 palabra payday calculadora
united capital loans
mulvaney building and loan sacramento
greenwoods loans nottingham
pay financial aid loan
lic home loans emi calculator
debit card payday loans kcmo
guaranteed private party auto loans
paypal usps
request for computer loan
low interest bank loans for adoption
payday loans short term
cash 3 lotto wheel
qnb bank online
best flexible personal loan
loanstar title loans complaints
home equity loan rates in massachusetts
unsecured loans bad credit direct lender
24 loans darlington
how to fast load a bow
loan originator license arizona
cash loans in elyria ohio
where to borrow money fast
zero moving cost housing loan
are title loans in florida legal
united cash advance reviews
emergency loans in a hour
payday loans fishers indiana
bad credit personal loans houston tx
banks loan with bad credit
is quicken loans a good company to work for
203k loan requirements down payment
how to get a small bank loan with no credit
fha loan limits in orange county ca
borrowing money to get married
homemade payday candy bars recipe
us bank loans for business
no credit check loans for 1000
faxless paperless payday loans
starter loans in florence sc
10 easy ways to make money
250 000 home equity loan
payday loans without checking account requirements
tooele utah loans
personal loan companies in kuwait
how to pay loan off quicker
instant approval auto loans for bad credit
average age pay off student loan
how to make fast cash illegally
quicken loan offices
covington loans mobile al
auto loan rates wisconsin
home loan low doc
reliable credit home loans
easy credit on jim miller
cash king cheats android
quicken loans skip a
no credit check payday loans over 12 months
loan places rapid city sd
aer loan rules
getting help with payday loans
Home Discussion Papers Asia Dimension The age of the Asian Tigers: Dawn or dusk?
The age of the Asian Tigers: Dawn or dusk?
Written by Megan Erasmus (1) Wednesday, 02 February 2011 08:16

Between the years 1965 and 1990, the East Asian Tigers stunned the world, becoming a ‘how to’ model for developing states seeking to achieve rapid economic growth and development.(2) These four newly industrialised states, Republic of Korea (hereafter Korea), the Republic of Singapore, Taiwan and the Hong Kong Special Administrative Region (SAR), accomplished a feat otherwise considered impossible by the world at large. They successfully altered the foundation of their economies, moving from agricultural-based growth towards industrialisation and finally services, each becoming economic powerhouses in their own right.(3) However, the financial crisis of 2008 caused a global downturn, and forced importers to reign in their spending, hitting tech-exporting states hard.(4)

Nevertheless, the Tigers survived, maintaining a low profile and continuing to grow their economies at significant rates every year. This article aims to determine the likely path of the Tigers into the next decade, by assessing the Gross Domestic Product (GDP), growth rate and unemployment data for all four states.

The Tigers in the new millennium

Four decades ago, Korea was as poor as any African state, but today it is one of Asia’s most affluent states, a leading exporter of cars and electronic goods, as well as a member of the trillion dollar GDP club.(5) It experienced moderate growth between the years 2000-2007, reaching as much as US$ 1,049 billion GDP in 2007.(6) Sector contributions mirror this success, with over 57.6% of GDP being attributed to services and only 39.4% accredited to industry in 2008.(7) Korea has indeed moved from the periphery to the core. Korea has also very nearly managed to achieve full employment, with only 3.3% of the working population unemployed in 2010.(8) Korea’s overall growth rate is averaged at a moderate 4-5%, and is expected to continue well into the next decade.

The second best performing Tiger, Taiwan, has through hard work and effective economic management achieved consistent growth between the years 2000-2010, experiencing only a small dip (-1.9%) during the financial crisis in 2008/2009.(9) Despite the diplomatic isolation enforced by China, Taiwan has managed to become one of Asia’s biggest traders and one of the world’s top computer producers.(10) This is evidenced by the fact that US$ 203.7 billion of the overall US$ 378.25 billion GDP for 2009 is generated by trade.(11) Similar to that of Korea, the sector contributions to GDP are largely in favour of services (67.5%) rather than industry (31.3%),(12) with agriculture trailing far behind. Unemployment is more of an issue in Taiwan than any of the other Tigers, with approximately 5% of the working population without work. However, this does not seem to hinder growth, and it is very likely that this will be solved in the coming years.

Hong Kong SAR and Singapore have achieved similar levels of GDP, also only dipping slightly as a result of the 2008/2009 financial crisis.(13) Singapore is a high-tech, rich economy with a high standard of living, regardless of the fact that it has no natural resources. The citizens of Singapore earn on average significantly more per annum than those of the other Tigers, and there is very little unemployment (approximately 2% in 2010).(14) Between the years 2005-2007, Singapore experienced an annual growth rate of between 8.6 and 8.5%, which further rebounded from 1.8% and -1.3% in 2008 and 2009 respectively, to almost 15% in 2010.(15) There is no agricultural sector in Singapore, but 72.8% of GDP is derived from services, according to 2009 estimates.(16)

If Singapore is a strict and conservative society,(17) then Hong Kong SAR is a vibrant metropolis.(18) Granted a high degree of economic and social autonomy by the Chinese Government, Hong Kong is the confluence of east and west. Hong Kong recovered quickly from the financial crisis having not been very affected, something many attribute to the relationship with China. However, the country’s unemployment rate in 2010 was 4.3%, the second highest of the Tigers. With 92.3% of GDP originating from services, Hong Kong does not really rely on any other sectors, indicating that it is more industrialised than the other Tigers.(19) 

Crouching tigers

The performance of the Tigers over the past few years has been impressive. These states have managed to climb up the ladder of the international economy, and stand in good stead to benefit for many years to come. However, in order for the Tigers to maintain their positions in the global economy, it is important that their economies remain open,(20) and that they keep a close eye on states such as Vietnam,(21) Indonesia and Malaysia, each crouching tigers in their own right. These states possess the same overall potential as did the Tigers decades ago, and in addition, Indonesia and Malaysia have the added benefits of oil and natural gas.(22)

Concluding statements

If one looks at the performances of the Tigers, it is clear to the naked eye that the age of the Tiger has only begun. Korea’s ascension from dirt poor to one of the top 20 economies in the world in only four decades speaks to the hidden ability of these nations. There is no denying that East Asia is determined in its growth trajectory, while China is establishing itself as one of the global superpowers. As such, it is quite possible that one day the world will turn east, instead of west.


(1) Contact Megan Erasmus through Consultancy Africa Intelligence's Asia Dimension Unit ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ).
(2) Van den Berg, H., 2004, International Economics, McGraw-Hill: New York, pp 472-474.
(3) Vardy, N., ‘The “Asian Tigers” revisited’, Wordpress, 2 January 2011, and The International Bank for Reconstruction and Development & World Bank, 1993, The East Asian Miracle: Economic Growth and Public Policy, Oxford University Press: Oxford.
(4) Abate, T., ‘Technology: The Asian Tigers meow’, GlobalPost, 2 March 2009,
(5) ‘South Korea’, CIA World Factbook, 12 January 2011,
(6) International Monetary Fund (IMF), World Economic Outlook Database, October 2010,
(7) ‘South Korea’, CIA World Factbook, 12 January 2011,
(8) International Monetary Fund (IMF), World Economic Outlook Database, October 2010,
(9) Ibid.
(10) ‘Taiwan Country Profile’, BBC News, 24 July 2010,
(11) Bureau of East Asian and Pacific Affairs, ‘Taiwan’, US State Department, 03 November 2010,
(12) Ibid.
(13) International Monetary Fund (IMF), World Economic Outlook Database, October 2010,  
(14) Ibid.
(15) Bureau of East Asian and Pacific Affairs, ‘Singapore’, US State Department, 03 November 2010,
(16) ‘Singapore’, CIA World Factbook, 12 January 2011,
(17) ‘Singapore Country Profile’, BBC News, 16 November 2010,
(18) ‘Hong Kong Country Profile’, BBC News, 11 December 2010,
(19) ‘Hong Kong’, CIA World Factbook, 12 January 2011,
(20) Chow, H., “Asian Tigers’ Choices: An Overview”, ADBI Working Paper 238, Asia Development Bank Institute: Tokyo, 2010.
(21) Mavin, D., ‘Vietnam: What happened to the next Asian Tiger?’, Financial Post, 05 December 2008,
(22) Billington, G., “Why the ‘Asian Tiger’ Miracle is an Endangered Species”, The American Almanac, 07 April 1997,


Facebook Twitter Google+ LinkedIn Plaxo