In the 1980s, many countries of the Far East made rapid progress in various fields and were termed Asian tigers. In the 1990s, a financial crisis – that started from Thailand – engulfed the entire region, badly affecting the economies of South Korea, Malaysia, and Indonesia. Due to this crisis, the value of their currencies fell, stock exchanges crashed and banks defaulted.
The new emerging economies of the world include China, India, Brazil, and Russia. In fact, India is projected to be the fourth major economy of the world, by the year 2020, after the US, Japan, and China. It has already surpassed Japan to become the world’s third largest economy in terms of purchasing power parity. India, as a global economic power, is the new Asian tiger.