Asian Tigers Essay

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“The global economy has moved on from the Asian Tigers; the present and future of the global economy now lies elsewhere”
To what extent do you agree with this statement…

The tigers were the start of a shift in the global economy between different groups of countries and nations that have or are able to bring about economic growth in the world. Whether it was the second wave of NICs, the newly emerging BRICS, the eagerly anticipated N11 or looking decades into the future at Africa, the global economy, with the help of cost cutting and ever expanding markets of TNCs is shifting from what it was many years ago.
The “Asian tigers” was the name given to the first 4 newly industrialised countries (NICs) of the world, the countries- Hong Kong, Singapore, Taiwan and South Korea all perused economic growth quickly and aggressively in a short period of time. These have all made it out of poverty and moved up the development continuum by mainly producing goods that can be sold to MEDCs. They developed this quickly due to the cheap labour force present in the country as they were relatively poor economic outlook, so wages compared to MEDCs are much lower so a factor that may influence TNCs to choose that country or for outsourcing to take place. In addition education has played a big part in the development with the labour force relying on future workers to sustain the growth at which the country was at, to continue the exporting to richer industrial nations and build trade agreements to bring about even greater growth. One of the clearest positive impacts was the sustained high growth rate; in excess of 7% a year for many years which allowed for the standard of living for the country to rise for many people. The transfer from unemployment or agricultural work to manufacturing allowed people to spend money on materialistic items such as a car. There were also negative impacts, after the initial launch the competitive edge on that country was most likely lost as it was...

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