Editing Four Asian Tigers (section)

=== 2008 financial crisis ===
The export-oriented tiger economies, which benefited from American consumption, were hit hard by the [[2008 financial crisis]]. By the fourth quarter of 2008, the GDP of all four nations fell by an average annualized rate of around 15%.<ref name="Economist 2009"/>
Exports also fell by a 50% annualized rate.<ref name="Economist 2009"/>
Weak domestic demand also affected the recovery of these economies. In 2008, retail sales fell 3% in Hong Kong, 6% in Singapore and 11% in Taiwan.<ref name="Economist 2009"/>

As the world recovered from the [[2008 financial crisis]], the Four Asian Tiger economies have also rebounded strongly. This is due in no small part to each country's government fiscal stimulus measures. These fiscal packages accounted for more than 4% of each country's GDP in 2009.<ref name="Economist 2009"/>
Another reason for the strong bounce back is the modest corporate and household debt in these four nations.<ref name="Economist 2009"/>

A 2011 article published in ''Applied Economics Letters'' by financial economist Mete Feridun of University of Greenwich Business School and his international colleagues investigates the causal relationship between financial development and economic growth for [[Thailand]], [[Indonesia]], [[Malaysia]], the [[Philippines]], China, [[India]] and Singapore for the period between 1979 and 2009, using [[Johansen cointegration test]]s and vector [[error correction model]]s. The results suggest that in the case of Indonesia, Singapore, the Philippines, China and India financial development leads to economic growth, whereas in the case of Thailand there exists a bidirectional causality between these variables. The results further suggest that in the case of Malaysia, financial development does not seem to cause economic growth.<ref>{{cite journal |surname1=Mukhopadhyaya |given1=Bidisha |surname2=Pradhana |given2=Rudra P. |surname3=Feridun |given3=Mete |year=2011 |title=Finance-growth nexus revisited for some Asian countries |journal=Applied Economics Letters |volume=18 |issue=6 |pages=1527–1530 |doi=10.1080/13504851.2010.548771|s2cid=154797937 }}</ref>