## Why Are Fewer People Talking About the Four Asian Tigers? How Economic Miracles Turned Mediocre

Do you still remember the once-familiar concept of "The Four Asian Tigers"? Taiwan, Hong Kong, Singapore, and South Korea created remarkable economic growth miracles that drew worldwide attention over the past few decades. But now, mentioning them seems to be a thing of the past, replaced by discussions about their sluggish growth and development dilemmas.

**From Despair to Rise: How the Four Asian Tigers Broke Free**

To understand why the Four Asian Tigers are gradually fading from view, we need to go back to their initial success stories. Take South Korea as an example: in the 1960s, its economy was in dire straits, with per capita GDP less than $100, far below neighboring countries. To turn things around, then-President Park Chung-hee launched bold reforms. His first step was to formulate a five-year development plan, actively attracting Japanese capital and technology to strengthen the domestic industrial base.

Interestingly, the outbreak of the Vietnam War became a catalyst for South Korea’s economic takeoff. By supplying military supplies to U.S. troops, South Korea earned substantial foreign exchange, which was reinvested into industrial development. In the subsequent second five-year plan, Park’s government targeted support for chaebols to expand into international markets, leading to the rise of shipbuilding, automotive, chemical, and electronics industries. This period of rapid growth was later dubbed the "Han River Miracle," once making South Korea a shining star in the global economy.

Taiwan’s development trajectory is quite similar to South Korea’s, just slightly later in time. In the 1980s, Taiwan seized the opportunity of global electronics manufacturing shifts, especially in semiconductors, leveraging market gaps created by trade friction between the U.S. and Japan to quickly become a major global chip manufacturing hub. During this period, the standard of living and international influence of Taiwan reached their peak.

**Limitations of the Growth Model Become Apparent**

However, the magic of history has its limits. The economic models adopted by the Four Asian Tigers are fundamentally highly dependent on specific industries and external market demands. South Korea relied heavily on international orders for shipbuilding and electronics, while Taiwan focused all its chips and electronics manufacturing on semiconductors. This concentrated development strategy initially brought explosive growth but also planted the seeds of long-term fragility.

As the global economic landscape changed, these vulnerabilities began to surface. Entering the 21st century, Chinese companies rapidly rose with their low-cost advantages and manufacturing capabilities, fiercely competing in territories once dominated by the Four Asian Tigers. South Korea’s shipbuilding and automotive industries faced pressure from mainland manufacturers, and Taiwan’s proud semiconductor and electronics sectors no longer held absolute advantages.

Meanwhile, Taiwan’s domestic market is limited in size, and it relies heavily on imported raw materials. Many Taiwanese-invested companies have been forced to turn to mainland China for larger markets and lower production costs. This further weakened the island’s economic vitality.

**Social Issues Become New Bottlenecks**

Economic stagnation is rarely an isolated phenomenon; it often accompanies deeper social problems. South Korea faces dual pressures of low birth rates and an aging population, meaning future labor force will shrink significantly, and the demographic dividend has already faded. Taiwan also faces challenges to its political and economic independence, with geopolitical uncertainties constraining its long-term development prospects.

These social and political issues cannot be solved through short-term policy adjustments; they require deep institutional innovation and strategic transformation.

**Can the Four Asian Tigers Find New Growth Paths?**

From creators of economic miracles to symbols of sluggish growth, the Four Asian Tigers face not only competitive pressures but also a profound need for self-reinvention. To break through the current predicament, these regions need to reduce over-reliance on traditional industries and seek breakthroughs in emerging fields. Meanwhile, addressing aging populations, improving education quality, and optimizing the business environment are crucial tasks ahead.

Once economic benchmarks in Asia, they are now undergoing a difficult transformation. The process is full of challenges, but opportunities are not impossible. The key lies in whether the Four Asian Tigers can seize the wave of new technological and industrial revolutions and redefine their roles in the global economy.