![]() Industrial estates were set up and foreign investment was attracted to the country with tax incentives. Following Singapore's independence from Malaysia, the Economic Development Board formulated and implemented national economic strategies to promote the country's manufacturing sector. ![]() By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. A World Bank report suggests two development policies among others as sources for the Asian miracle: factor accumulation and macroeconomic management. Unique to these economies were the sustained rapid growth and high levels of equal income distribution. Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Overview Growth in per capita GDP in the tiger economies between 19 Some analysts argued that industrial policy and state intervention had a much greater influence than the World Bank report suggested. Institutional analyses found that some level of state intervention was involved. 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. Large institutions have pushed to have them serve as role models for many developing countries, especially the Tiger Cub Economies of southeast Asia. Hong Kong and Singapore have become leading international financial centres, whereas South Korea and Taiwan are leaders in manufacturing electronic components and devices. Between the early 1950s and 1990s, they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.īy the early 21st century, these economies had developed into high-income economies, specializing in areas of competitive advantage. 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. The Four Asian Tigers, from north to south: South Korea, Taiwan, Hong Kong and Singapore
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