ECONOMIC LESSONS FROM THE ASIAN TIGERS, JAPAN, EUROPE AND AMERICA

CONTENT

1. Economic History of the Asian Tigers
2. Common Characteristics of the Four Asian Tigers
3. Factors that Account for the Rapid Development of Tiger Economies
4. Lessons for the Nigerian Economy
5. The Japanese Miracle and Lessons from Japan
6. Economic Lessons from Europe

Economic History of the Asian Tigers

The four Asian Tigers – Hong Kong, Singapore, South Korea and Taiwan consistently maintained high levels of economic growth since the 1960s, fueled by exports and rapid industrialization, which enabled these economies to join the ranks of the world’s richest nations.

Hong Kong and Singapore are among the biggest financial centers worldwide, while South Korea and Taiwan are important hubs of global manufacturing in automobile/electronic components and information technology, respectively.

Common Characteristics of the Four Asian Tigers

Common characteristics of the four Asian Tigers include the following:

1. They focus on exports,
2. They have educated populace
3. They have high savings rates

Factors that Account for the Rapid Development of Tiger Economies

1. High public and private saving rates: Savings were high in both the public and the private sectors.