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Monday, 04 July 2011 07:50
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Taipei, Taiwan (ROC)Taiwan's quick industrialization and rapid growth during the latter half of the 20th century has been called the "Taiwan Miracle" or "Taiwan Economic Miracle". As Taiwan has developed alongside Singapore, South Korea, and Hong Kong, they are collectively known as the "Four Asian Dragons" (or "Four Asian Tigers").

Japanese rule prior to and during World War II brought changes in the public and private sectors, most notably in the area of public works, which enabled rapid communications and facilitated transport throughout much of the island. The Japanese also improved public education and made it compulsory for all Taiwanese citizens.

In 1962, Taiwan had a per-capita gross national product (GNP) of $170, placing its economy on a par with those of Zaire and Congo. By 2008 per-capita GNP, adjusted for purchasing power parity (PPP), had risen to $33,000, contributing to a Human Development Index equivalent to that of other developed countries. Taiwan's HDI in 2007 is 0,943 (25th, very high), and stands at 0,868 in 2010 (18e, very high), according to the UN's new calculating method ("Inequality-adjusted HDI").

Today Taiwan has a dynamic, capitalist, export-driven economy with gradually decreasing state involvement in investment and foreign trade. Some large government-owned banks and industrial firms are being privatized. Real annual growth in GDP has averaged about eight percent during the past three decades. Exports have provided the primary impetus for industrialization. The trade surplus is substantial, and foreign reserves are the world's fifth largest as of 31 December 2007.

Last Updated on Friday, 08 July 2011 17:36