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Never heard of them?🤷

  • Well then, don’t worry if you’ve never heard of the Asian Tigers before. It’s a relatively small and easy concept to learn so a number of teachers skim past it.  
  • And I certainly did not know who these Asian Tigers were until like a month before my exam and I did just fine. 
  • So, in other words, I got you fam and by the time you finish this article, we’ll have that gorgeous mind of yours sorted and through with the Asian Tigers😉.

Okay…so what are these Asian Tigers?😕

  • Well, the Asian Tigers is a term used in economics to describe the Asian economies that have been extremely aggressive in driving rapid economic growth and increasing competition for consumers on a large scale.
  • However, you should also know that there are two different classes of the Asian Tigers to learn about: the Old Asian Tigers and New Asian Tigers. 
  • These two classes differ in terms of their economic age, source of funding and more, which you’ll see as you continue looking through the article. 

Alright, hit me. Who are the Old Asian Tigers? 🐯

  • Okay, so the Old Asian Tigers are made up of five East Asian countries - Japan, South Korea, Taiwan, Hong Kong, and Singapore - with the period of economic development starting between the 1950s to 1970s.
  • Their economic growth was fueled by the pouring of foreign aid from industrialized countries like the U.S. and Britain, who saw the countries as a way to ‘contain’ communism to its hearth. 
  • The outpouring of funds into these Asian economies allowed the countries to build up their industries to be more highly efficient while simultaneously increasing product quality. 
  • Ironically, this also allowed these economies to become significant competitors with the West in the global market, especially in automobiles and electronics industries. 
  • For a quick glance over what was just said, look at the graphic below. 

Then, who would be the New Asian Tigers? And where is China in all of this? 🤷

  • Actually, China is a part of the New Asian Tigers! In fact. China, India, Indonesia, Malaysia, Thailand, and Vietnam are all considered to be the New Asian Tigers. 
  • They also happen to be the stereotypical places for plenty of cheap labor and resources, something many international corporations sought to exploit, which also happens to be the reason for their new status as the New Asian Tigers. 
  • Much manufacturing was relocated by firms in the West and the Old Asian Tigers, who all saw that manufacturing could be done at a cheaper and faster rate as well as with cheaper resources. 
  • All of which allowed for enormous amounts of FDI (foreign direct investment) to be poured into these countries.  
  • FDI allowed the New Asian Tigers to begin industrializing themselves and thus, build up their economic strength in terms of wealth and industry stability.
  • And, this all happened in the period of the 1980s to 1990s, that is until the 1997 Asian Economic Crisis. 
  • This was when Asian countries all faced economic disturbances from the devaluation of the Thai currency, which basically destabilized the entire Asian economy as well as the global economy. 
  • For a quick glance over what was just said, look at the graphic below.

And that's it!
Good bye and good luck studying!✌

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