Asian Tigers South Korea Taiwan Hong Kong and Singapore
The growth of the ‘ Asian Tigers’ in the 1960s In the 1960s, the Asian tigers were very poor thus labor was cheap, and in abundance. They then made educational reforms and coupled this with the cheap labor to establish productive workforces. In order to improve productivity, they focused on improving education at all levels with more emphasis on elementary education and compulsory high school education. College and university system was also improved by setting aside some money for the same. For economic development, they pursued an export-driven model whereby they focused on the manufacture of goods for export to nations that are highly industrialized. They discouraged domestic consumption through government policies such as high tariffs. The economic growth of the Asian Tigers has been termed as the East Asian Miracle because of the supernatural increase of four economics. East Asia which comprises Korea, Taiwan, Singapore, and Hong Kong has been the fastest growing area in the world. They have been termed as the models for achievement for other rising economies. There have been several factors that led to the success of the East Asian countries. These include the macroeconomic discipline, their outward orientation, high investment and saving rates and public policies which were good. Although these may vary from region to region, the experience of East Asia, supported by recent research on growth, has convinced many observers that an onlooking development strategy, particularly a dynamic export sector, is a conducive growth. The other factor that boosts their trade was greater openness which is conducive to growth and thus they embrace the policies that promote openness. They also used non-tariff and high tariff barriers to promote industrialization. Between 1965 and 1993, the real gap in the East Asian economies grew at an annual average rate of nearly 9 percent more than twice as first as their Latin American counterparts. They all had common characteristics which include focusing on exporting to rich and industriali0sed nations. They also maintained a double increment for years.