They started as impoverished countries, devastatingly punished by the brutal civil war that left thousands of their people dead, wounded and their economy trapped in extreme turmoil.
Many have viewed that these nations would not overcome adversity as most of its infrastructures were bombed and completely destroyed, population was deemed illiterate and no sign of hope could be seen from its decimated cities.
But many years after, these countries, Hong Kong, South Korea, Singapore and Taiwan, achieved prosperity no one was able to predict and joined the ranks of the world’s most prominent nations.
Birth of the Asian Tigers
Until the early 1960’s, these eventual Asian powerhouses were considered as third world nations. But the recovery of the global economy from the trauma of the World War II became a blessing in disguise for these four tigers. The globalization needed a strong Asian trade hub and Hong Kong, Singapore, South Korea and Taiwan were in the right place and in the right time to become the region’s focal point of major advances. This allowed them to invest hugely in major industrial estates, high-quality education and millions of jobs that secure the future of their workforce.
Aside from the benefit from the globalization, the economic boom achieved by these nations was largely accounted to its good governance backed up by the vibrant private sectors.
The four tigers employed a strict regulation and measures on their economic policies while assuring that public debts are limited and large reserves of capital and savings are attained.
Roaring Hard and Wild
Today, equipped with their advanced technology and best educations, the four tigers are roaring wildly in the global economic ranks, even surpassing Japan’s GDP per capita, a country that was long-envied for its relentless growth.
Korea has reached its prime of being a top exporter of high tech goods and memory chips and its Samsung Company became a prime electronics producer such as cellphones and televisions. Taiwan now has an average income of $14000 per person, prompted mainly by its skilled workers producing top computer products.
Singapore ranks ninth as wealthiest country in the world and its port has been the busiest center of trades and business, thanks to its geography. Lastly, Hong Kong’s prosperous economy is accounted to its large foreign investments that continues to build up until now.