The Asian Tigers used to be the head of Asia's rapid economic development and have achieved outstanding results in economic development. The Asian Tigers are South Korea, Taiwan, Hong Kong and Singapore. However, the Asian tigers are rarely mentioned these days, and judging from the economic data, they are not as prosperous as they used to be.
First of all, in terms of economic development, South Korea has entered a stage of rapid development since Park Chung-hee put forward a five-year plan in the sixties of the last century. From a per capita GDP of less than $100 at that time, only one-third of North Korea's, it has rapidly developed into one of the few developed countries in Asia, and it can be said that South Korea's economic development has shown strong strength.
In fact, South Korea also launched the second five-year plan, South Korea's economy developed more rapidly at this time, and won a lot of large orders in the world, many of South Korea's pillar industries such as automobile manufacturing, shipbuilding, chip semiconductors were also developed at this time, South Korea's so-called Han River miracle refers to this stage of South Korea's economic development.
However, the thunderstorm facing South Korea today is also one of the main reasons for the stagnation of South Korea's economic development, and it is at this time that South Korea's chaebol group appeared. Samsung, SK hynix, and many other Korean chaebol companies control almost all industries in South Korea, and at the same time monopolize a large amount of wealth, so it can be said that South Korea's economic development is completely determined by the situation of these chaebol companies.
Due to a series of internal reasons in South Korea, South Korea has entered a low fertility period like Japan, and many young Koreans not only do not want to continue to have children, but also begin to lie flat and rotten. Today, South Korea's fertility rate continues to decline, and the economy is becoming more and more sluggish.
The most important thing is that South Korea concentrated domestic funds at that time, mainly promoting the development of several large Korean enterprises, but now the development of these large enterprises and pillar industries in South Korea has begun to gradually stop or even regress. For example, shipbuilding, automobile manufacturing, chip semiconductors and other industries, South Korea's advantages are gradually beginning to fade, especially in the fields of shipbuilding and automobile manufacturing, South Korea is also facing strong competition from China's related industrial chains.
There is no doubt that the current situation in South Korea has begun to stagnate, and even to say that it has begun to decline.
Second, Taiwan's economy has been stagnant for 20 years, and it has completely lost the demeanor of one of the four Asian tigers at that time. Taiwan's economic development began in the eighties of the last century, when Taiwan adopted a large-scale infrastructure and industrialization development, and Taiwan's development in the field of foundry has made great achievements, especially since the transfer of semiconductor manufacturing from Japan and the United States, Taiwan's chip semiconductor foundry industry has developed rapidly, which has further driven the development of Taiwan's related industrial chains.
At the same time, the mainland has also put forward quite a number of policies to favor Taiwan, and has given Taiwan a lot of preferential treatment and convenience in economic cooperation with Taiwan. This also further promoted the development of Taiwan's economy, and it can be said that Taiwan's per capita GDP level directly exceeded that of the mainland at that time.
However, Taiwan's domestic market is small, and many Taiwanese companies have chosen to move to Chinese mainland, which has also led to Taiwan's economic development basically stagnating since 2000. Not only has Taiwan's overall economic level and GDP scale gradually begun to lag behind, but the per capita wage has not risen for 20 years.
Then there is Hong Kong, China, Hong Kong's development is actually mainly due to its geographical advantages, as a port city in China that is open to the outside world, Hong Kong also has a lot of advantages in many policies. This has also enabled Hong Kong to not only connect Chinese mainland with foreign markets, but also achieve outstanding results in finance.
Many domestic and foreign enterprises have chosen to list in Hong Kong, and it can be said that Hong Kong has also taken this opportunity to absorb a lot of international capital, which plays an important role in promoting Hong Kong's economic development. In the 90s, Hong Kong's economy reached its peak, with GDP equivalent to the top nine cities in Chinese mainland combined.
Although Hong Kong's economy is still at a very high level, driven by cooperation such as the Greater Bay Area, and the economy is still in the development stage, it is no longer as glorious as before. Hong Kong continues to perform very well in the financial sector, with many cities still listed in Hong Kong, and Hong Kong is still one of Asia's financial centres.
However, in terms of commodity trade, many domestic port cities have also begun to open up to the outside world and can trade directly with foreign markets, which has also led to a gradual decline in Hong Kong's performance in this area.
Finally, there is Singapore, in fact, the situation in Singapore is very similar to Hong Kong, both of which have benefited from the rapid development of geographical advantages. With the help of the Strait of Malacca, Singapore has profited greatly from international commerce. It can be said that Singapore has basically become one of the main distribution centers of global commerce in Asia, and a large amount of foreign capital has begun to pour into Singapore.
Although Singapore still maintains a good economy, its development momentum has begun to weaken, and its performance in many areas has become more and more embarrassing, especially Singapore's status as a logistics center has gradually been channeled, which has made Singapore begin to weaken.
Looking at the development and decline of the Asian tigers, it is not difficult to see that it is largely related to its own market constraints and external factors. In fact, the follow-up development is not very optimistic.
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