# Four Asian Tigers: Economies of Hong Kong, Singapore, South Korea, and Taiwan

## What Are the Four Asian Tigers?

The Four Asian Tigers are the high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan. Fueled by exports and [rapid industrialization](https://www.investopedia.com/terms/n/newly-industrialized-country.asp), the Four Asian Tigers have consistently maintained high levels of economic growth since the 1960s, and have collectively joined the ranks of the world's wealthiest nations.

Hong Kong and Singapore are leading global financial centers. South Korea and Taiwan are key players in auto and electronic manufacturing and information technology.

### Key Takeaways

*   The Four Asian Tigers—Hong Kong, Singapore, South Korea, and Taiwan—are known for their rapid industrialization and export-driven economies.  
    
*   These economies have maintained high growth rates since the 1960s and are now among the world's wealthiest nations.  
    
*   Shared attributes among the Four Tigers include a focus on exports, an educated workforce, and high savings rates.  
    
*   South Korea and Taiwan are significant manufacturing hubs, whereas Hong Kong and Singapore are key financial centers.  
    
*   Despite external challenges, these economies have demonstrated resilience and are recognized by the International Monetary Fund as among the most advanced globally.  
    

## Key Characteristics of the Four Asian Tigers

Also known as the Asian Dragons, the countries that make up the Four Asian Tigers share common characteristics, including a sharp focus on exports, an educated populace, and high savings rates. The Four Tigers' economies withstood local crises like the 1997 [Asian financial crisis](https://www.investopedia.com/terms/a/asian-financial-crisis.asp) and global events like the 2008 [credit crunch](https://www.investopedia.com/terms/c/creditcrunch.asp).

> **Important**
>
> The IMF lists the Four Asian Tigers among the 35 most advanced economies.

### South Korea: From Poverty to Economic Powerhouse

 In the 1960s, South Korea's per capita GDP was similar to that of the poorest countries. Over four decades, it grew substantially with government support, credit direction, and import controls. As of April 2023, South Korea had a total GDP of $1.72 trillion and a per capita GDP of $33,390 with a growth rate of 1.5% and a population of 51.6 million.

### Taiwan: Economic Growth Amidst Political Tensions

Taiwan has thrived in the past four decades, despite tensions with China. By April 2023, its GDP per capita reached $33,910. Due to pressure from China, the country is not a part of the United Nations, but it has nevertheless emerged as a reliable exporter. Its GDP was $790.73 billion with a growth rate of 2.1%, making this nation of 23.3 million people one of the strongest economies in Asia.

### Hong Kong: Financial Center with Unique Governance

[Hong Kong](https://www.investopedia.com/articles/investing/121814/hong-kong-vs-china-understand-differences.asp), a special administrative region of China, has control over most activities except defense until 2047, when their relationship will be reassessed. Recent reports show Hong Kong ranks high in economic freedom, with a GDP of $383 billion, a per capita GDP of $52,430, a 3.5% growth rate, and a population of 7.3 million as of April 2023.

### Singapore: A Model of Economic Transparency and Growth

Although it has only 5.7 million citizens, Singapore had a GDP of $515.6 billion, a GDP per capita of $91,100 as of April 2023, and a growth rate of 1.5%. Known as one of the least corrupt nations, Singapore boasts a transparent regulatory environment and secure property rights, providing commercial security to its private sector.

## Beyond the Tigers: Emerging Tiger Cub Economies

[Malaysia](https://www.investopedia.com/terms/b/bhd-berhad.asp), Thailand, the Philippines, and Indonesia are often called the "Tiger Cub Economies." Though they developed slower than the Four Asian Tigers since the 1950s, they have [grown steadily](https://www.investopedia.com/articles/investing/081815/emerging-markets-analyzing-thailands-gdp.asp).

## The Bottom Line

The Four Asian Tigers—Hong Kong, Singapore, South Korea, and Taiwan—have become leaders in global economics thanks to their focus on exports, industrialization, and maintaining high growth since the 1960s. With strong financial centers and specialized manufacturing sectors, these economies have bolstered their wealth and resilience, even weathering major financial crises.

As models of economic advancement, these nations demonstrate the power of strategic planning and innovation in achieving financial stability and prosperity. This serves as a reminder that a commitment to developing human capital, fostering an environment conducive to trade, and maintaining economic freedom can significantly contribute to a nation's economic success.  

> **Article Sources**
>
> 1.  JSTOR Daily. “[Economic Grrrowth in the East: Asian Tiger Economies](https://daily.jstor.org/economic-grrrowth-in-the-east-asian-tiger-economies/).”
>     
> 2.  International Trade Administration. “[South Korea - Country Commercial Guide](https://www.trade.gov/country-commercial-guides/south-korea-market-overview).”
>     
> 3.  International Monetary Fund. "[Korea, Republic of](https://www.imf.org/external/datamapper/profile/KOR)."
>     
> 4.  U.S. Department of State. “[Supporting Taiwan’s Participation in the UN System](https://www.state.gov/supporting-taiwans-participation-in-the-un-system/).”
>     
> 5.  International Monetary Fund. “[Taiwan Province of China](https://www.imf.org/external/datamapper/profile/TWN).”
>     
> 6.  The Yale Review of International Studies. “[The National Security Law, 'One Country Two Systems,' and Hong Kong’s National Security Apparatus: The Coup De Grace to Hong Kong’s Ideological Independence and Democratic Autonomy](http://yris.yira.org/essays/5696).”
>     
> 7.  International Monetary Fund. “[Hong Kong SAR](https://www.imf.org/external/datamapper/profile/HKG).”
>     
> 8.  International Monetary Fund. "[Singapore](https://www.imf.org/external/datamapper/profile/SGP).”
>     
> 9.  U.S. Department of State. “[2022 Investment Climate Statements: Singapore](https://www.state.gov/reports/2022-investment-climate-statements/singapore/).”
>     
> 10.  New Perspectives on Global & European Dynamics. “[Why the EU Should Pay More Attention to Indonesia](https://globaleurope.eu/globalization/tiger-cub-with-growth-potential-why-the-eu-should-pay-more-attention-to-indonesia/).”