Should Africa Adopt the Asian Tigers Economies Strategies?

The Asian Tigers economies is absolutely a term used in describing the highly advanced or developed economies and high-income economies of Singapore, Hong Kong, South Korea, and Taiwan. These countries were notable for being under-developed to developed economies from the 1960s to the early 2000s.

They were notable for investments in manufacturing, Information and Communication Technology (ICT), and massive investment in industrialization drive.

Through their steady and rapid development over the years, two of the Asian Tigers’ economies became international financial centres and also did contribute to the growth of their respective Gross Domestic Product (GDP).

There was the Asian Tigers financial crisis, but by the intervention of the monetary authority of one of the Asian Tigers economies, the four Asian Tigers economies rebounded strongly after the shock of the Asian Tigers economies financial crisis experienced in 1997.

Today, Singapore, Japan, Hong- Kong, South Korea, China, and Taiwan economies have set excellent examples for under-developed and developing countries to emulate by making sure that under-developed economies must make a concerted effort to become developing and later advanced economies.

Human, material, and mineral resources must be harnessed and put into judicious usage to ensure economic growth and development by underdeveloped economies.

The role of the African continent economists is imperative to critically review with a view to adopting the strategies of the Asian Tigers economies in the African continent and should also formulate African economic model and theory in line with the present reality of the economic challenges confronting the African continent.

The place of Information and Communication Technology in the development of nations into becoming advanced economies cannot be over-emphasized.

The case studies of the Singaporean, Japanese, South Korean, Hong Kong, and Taiwanese Asian Tigers economies can be attributed to massive investments in the technological space coupled with massive investments in the manufacturing and in industrialization drive thereby specializing in the areas of competitive advantages.

The adoption of factor accumulation and export drive policy made it possible for the Asian Tigers economies to become high-income economies.

In Nigeria's and in the global context, real economic growth and development can only take place if certain issues are sufficiently addressed and attended to which are seen as hindrances to an under-developed economy.

The availability and usage of mineral resources, factors of production, exportation drive, constant electricity supply, sound, and functional education system, massive industrialization, and the provisions of managerial, technical, industrial, agricultural, and entrepreneurship managers to be in control of all the sub-sectors and sectors of our national economy is absolutely imperative for the Africa continent to experience rapid economic development.

© Mr. Simeon Okoro is an economist, a professional teacher/tutor, a writer of fiction, nonfiction, prose, novels, short and comprehensive stories, a researcher and an essayist.

okorosimeon1990@gmail.com.