Asia’s Five Dragons’ Sustained Rapid Growth Rates

4 April 2015
An exploration into the reasons for the sustained rapid economic growth rates in the economies of Japan, Hong Kong, Singapore, Taiwan and Korea.

This paper shows that Japan, Hong Kong, Singapore, Taiwan and Korea have been identified as the five best performing Asian economies, having grown twice as fast as other East Asian economies since the 1960’s – 1980’s. This essay identifies and discusses a range of reasons for the rapid economic growth rates of the economies of these countries. Arguments are supported by statements by different economists and statistical tables.
“At the end of World War II, Japan, South Korea, Taiwan, Hong Kong and Singapore were war-shattered, largely resource-poor areas with rapidly growing populations and very low living standards. By the 1980s, Japan had become one of the world’s richest countries and the others had achieved or were approaching income levels of developed nations (FCJ Editors, 1998). South Korea has jumped from being a developing nation to the status of advanced industrial nation. South Korea and Taiwan have recently made the leap to democracy. Hong Kong, probably the most freewheeling economic region in the world, was incorporated into the People’s Republic of China on July 1, 1997. Singapore is an economic leader of all of South East Asia.”

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