The Park Place Economist


Among the developing countries across the globe, those in Southeast Asia have experienced the most economic success within the last several decades. The ASEAN-5’s (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) outstanding economic performance earned them, among other Asian countries, the title Asian Tigers. In the last decade, the annual growth rate of the ASEAN-5 has risen close to 8 %. The economic growth that the Asian Tigers were experiencing seemed indestructible, until the summer of 1997.