These regions were the first newly industrialized countries The category of newly industrialized country is a socioeconomic classification applied to several countries around the world by political scientists and economists, noted for maintaining exceptionally high growth Economic growth is a term used to indicate the increase of per capita gross domestic product or other measure of aggregate income. It is often measured as the rate of change in GDP. Economic growth refers only to the quantity of goods and services produced rates and rapid industrialization Industrialisation , Industrialization (American English), is the process of social and economic change whereby a human group is transformed from a pre-industrial society into an industrial one. It is a part of a wider modernisation process, where social change and economic development are closely related with technological innovation, particularly between the early 1960s and 1990s. In the 21st century, all four regions have since graduated into advanced economies The term developed country is used to describe countries that have a high level of development according to some criteria. Which criteria, and which countries are classified as being developed, is a contentious issue and is surrounded by fierce debate. Economic criteria have tended to dominate discussions. One such criterion is income per capita; and high-income economies A high-income economy is defined by the World Bank as a country with a Gross National Income per capita of $11,906 or more in 2008. While the term "high income" may be used interchangeably with "First World" and "developed country", the technical definitions of these terms differ. The term "first world". These regions are still the world's fastest growing industrialized economies. However, attention has increasingly shifted to other Asian economies which are now experiencing faster economic transformation.
All four Asian Tigers have a highly educated and skilled workforce and have specialized in areas where they had a competitive advantage. For example, Hong Kong and Singapore became world leading international financial centres A financial centre is a global city that is a company and business hub, as well as being home to many world famous banks and/or stock exchanges, while South Korea and Taiwan became world leaders in information technology Information technology , as defined by the Information Technology Association of America (ITAA), is "the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware." IT deals with the use of electronic computers and computer software to. Their economic success stories became known as the Miracle on the Han River Miracle on the Han River refers to South Korea's highly accelerated export-fueled economic growth, overnight industrialization, technological achievement, education boom, exponential rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988 Summer Olympics, fast democratization and globalization and the Taiwan Miracle The Taiwan Miracle or Taiwan Economic Miracle refers to the rapid industrialization and economic growth of Taiwan during the latter half of the twentieth century. As it has developed alongside Singapore, South Korea and Hong Kong, Taiwan became known as one of the "Four Asian Tigers" (see Sho-Chieh Tsiang Sho-Chieh Tsiang studied at London School of Economics (B. Sc. Economics 1941, Ph.D. Economics 1945) and received the Hutchinson Silver Medal 1944-45. He served as Professor of Economics at National Peking University, 1946-48, staff economist at the International Monetary Fund, member of Academia Sinica, and Professor of Economics at University of) and have served as role models for many developing countries Developing country is a term generally used to describe a nation with a low level of material well being. There is no single internationally-recognized definition of developed country, and the levels of development may vary widely within so-called developing countries, with some developing countries having high average standards of living.[1][2][3]
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