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Economic miracle

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Informal economic term

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Economic history
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Prominent examples
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v t e

Economic miracle is an informaleconomic term for a period of dramatic economic development that is entirely unexpected or unexpectedly strong. Economic miracles have occurred in the recent histories of a number of countries, often those undergoing aneconomic boom or described as atiger economy.

Great Divergence

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Main article:Great Divergence

Commercial revolution (c. 1000–1760)
Industrial Revolution (c. 1760–1840)
Second Industrial Revolution (c. 1870–1914)

Post-World War II

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Main article:Post–World War II economic expansion

Swiss miracle (c. 1940s–2000s)
Japanese economic miracle (c. 1950s–1973)
Trente Glorieuses (France, c. 1945–1975)
Record years (Sweden, c. 1947–1974)
Wirtschaftswunder (West Germany and Austria, c. 1950s–1970s)
Mexican miracle (c. 1940s–1970s) (term not used by economists)
Belgian economic miracle (1945–1948)
Greek economic miracle (1950–1973) (Eventually followed by downturn)
Italian economic miracle (c. 1950–1973)
Spanish miracle (1959–1974)
Costarrican Ochomogo economic miracle (1950–1979)
Four Asian Tigers (South Korea, Taiwan, Hong Kong, and Singapore, c. 1960s–1990s)
- Miracle on the Han River (South Korea, c. 1962–1997)
- Taiwan Miracle (1961–2000)

Later

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Tiger Cub Economies (Indonesia, Malaysia, Thailand, the Philippines, and Vietnam, c. 2010s–present)
- Indonesian economic boom (1976–present)
- Malaysian miracle (1971–present)
- Philippine economic boom (1986–present)
- Thai economic boom (1980s–present)
- Đổi Mới (Vietnam, 1986–present)
Brazilian Miracle (1968–1973)
Miracle of Chile (1975–2010)
Economic liberalisation in India (1991–present)
Reform and opening up (1978–present)
Massachusetts Miracle (1980s)
Polish economic boom (1992-present)
Gulf Tiger (Dubai city, c. 1990s–2008)
Celtic Tiger (Ireland, c. 1995–2007)
Belarusian economic miracle (1996-2014)
Baltic Tigers (Estonia, Latvia, or Lithuania, c. 2000–2007)
Tatra Tiger (Slovakia, 2002–2007)
2000s Turkish economic boom (Turkey, c. 2000–2018)
Adriatic Tiger (Slovenia, 2004–2009)
Carpat Tiger (Romania, 1991–2009)

References

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v t e Economic miracle andtiger economy
Post-World War II	Austria Belgium Costa Rica France Greece Hong Kong Italy Japan Mexico Singapore South Korea Spain Sweden Taiwan West Germany
Later years	Baltic region Brazil Chile China India Indonesia Ireland Malaysia Philippines Slovakia Thailand Turkey United Arab Emirates Dubai United States Massachusetts Vietnam

v t e Economic history of the United States andCommonwealth of Nations countries
Commercial revolution (1000–1760)	Great Bullion Famine (c. 1400–c. 1500) Great Slump (1430–1490) The Great Debasement (1544–1551) Financial Revolution (1690–1800) Slump of 1706 Great Frost of 1709 South Sea bubble (1713–1720) Mississippi bubble (1717–1720) Economic impact of the Seven Years' War (1754–1763)
1st Industrial Revolution/ Market Revolution (1760–1870)	Bengal Bubble of 1769 (1769–1784) British credit crisis of 1772–1773 American Revolutionary War inflation (1775–1783) Panic of 1785 (1785–1788) Copper Panic of 1789/Panic of 1792 (1789–1793) Canal Mania (c. 1790–c. 1810) Panic of 1796–1797 (1796–1799) 1802–1804 recession Carolina gold rush (1802–1825) Depression of 1807 (1807–1810) 1810s Alabama real estate bubble Alabama Fever 1812 recession Post-Napoleonic Depression (1815–1821) 1822–23 recession Panic of 1825 Panic of 1826 1828–29 recession Georgia Gold Rush (1828–c. 1840) 1830s Chicago real estate bubble 1833–34 recession Panic of 1837 (1836–1838 and 1839–1843) U.S. state defaults in the 1840s Railway Mania (c. 1840–c. 1850) Plank Road Boom (1844–c. 1855) 1845–46 recession Panic of 1847 (1847–1848) California gold rush (1848–1855) British Columbia gold rushes Queen Charlottes Gold Rush, 1851 Fraser Canyon Gold Rush, 1858 Rock Creek Gold Rush, 1859 Similkameen Gold Rush, 1860 Stikine Gold Rush, 1861 Cariboo Gold Rush, 1861–1867 Wild Horse Creek Gold Rush, 1863–1870 Leechtown Gold Rush, 1864–1865 Big Bend Gold Rush, c. 1865 Omineca Gold Rush, 1869 Victorian gold rush (1851–c. 1870) New South Wales gold rush (1851–1880) Australian gold rushes (1851–1914) 1853–54 recession Panic of 1857 (1857–1858) Pike's Peak gold rush (1858–1861) Pennsylvania oil rush (1859–1891) 1860–61 recession Colorado River mining boom (1861–1864) Otago gold rush (1861–1864) U.S. Civil War economy (1861–1865) First Nova Scotia Gold Rush (1861–1874) West Coast gold rush (1864–1867) Panic of 1866 (1865–1867) Vermilion Lake gold rush (1865–1867) Kildonan Gold Rush (1869) Black Friday (1869–1870)
Gilded Age/ 2nd Industrial Revolution (1870–1914)	Coromandel Gold Rushes (c. 1870–c. 1890) Cassiar Gold Rush (c. 1870–c. 1890) Long Depression 1873–1879;Panic of 1873 Black Hills gold rush (1874–1880) Colorado Silver Boom (1879–1893) Western Australian gold rushes (c. 1880–c. 1900) Indiana gas boom (c. 1880–1903) Ohio oil rush (c. 1880–c. 1930) Depression of 1882–1885 Panic of 1884 Cayoosh Gold Rush (1884) Witwatersrand Gold Rush (1886) 1887–88 recession Baring crisis (1890–1891) Cripple Creek Gold Rush (c. 1890–c. 1910) Panic of 1893 (1893–1897) Australian banking crisis of 1893 Black Monday (1894) Panic of 1896 Klondike Gold Rush (1896–1899) Second Nova Scotia Gold Rush (1896–1903) Kobuk River Stampede (1897–1899) Mount Baker gold rush (1897–c. 1925) 1899–1900 recession Nome Gold Rush (1899–1909) Fairbanks Gold Rush (c. 1900–c. 1930) Texas oil boom (1901–c. 1950) Panic of 1901 (1902–1904) Cobalt silver rush (1903–c. 1930) Panic of 1907 (1907–1908) Porcupine Gold Rush (1909–c. 1960) Panic of 1910–11 (1910–1912) Financial crisis of 1914 (1913–14)
World War home fronts/ Interwar period (1914–1945)	World War I home front Australia Canada United Kingdom United States Post–World War I recession (1918–1919) Recession of 1920–1921 1920s Florida land boom (c. 1920–1925) Roaring Twenties 1923–1924 recession 1926–1927 recession Great Depression 1929–1939;Wall Street crash of 1929 Panic of 1930 Great Contraction, 1929–1933 Recession of 1937–1938 Australia Canada India South Africa United Kingdom United States 1930s Kakamega gold rush Third Nova Scotia Gold Rush (1932–1942) World War II home front Australia Canada United Kingdom United States
Post–WWII expansion/ 1970s stagflation (1945–1982)	Great Compression 1945 recession Recession of 1949 (1948–1949) Hong Kong and Singapore Asian Tiger expansions (1950–1990) 1951 Canada recession Recession of 1953 (1953–1954) Recession of 1958 (1957–1958) Recession of 1960–1961 Kennedy Slide of 1962 Poseidon bubble (1969–1970) Recession of 1969–1970 1970s commodities boom 1973–1975 recession 1973–1974 stock market crash Secondary banking crisis of 1973–1975 1970s energy crisis 1973–1980;1973 oil crisis 1979 oil crisis Steel crisis (1973–1982) 1976 sterling crisis Silver Thursday (1980) Early 1980s recession 1980–1982;United States
Computer Age/ Second Gilded Age (1982–present)	Great Moderation (1982–2007) 1980s oil glut Black Saturday (1983) New Zealand property bubble (c. 1985–) Savings and loan crisis (1986–1995) Black Monday (1987) Friday the 13th mini-crash (1989) Early 1990s recession 1990–1991;Australia United States 1990 oil price shock Rhode Island banking crisis (1990–1992) 1991 Indian economic crisis 1990s United States boom (1991–2001) 1990s India economic boom Hyperinflation in Zimbabwe (1991–present) Black Wednesday (1992) 1994 bond market crisis 1994 Papua New Guinea financial crisis Dot-com bubble 1995–2004;Stock market downturn of 2002 1997 Asian financial crisis October 27, 1997, mini-crash Early 2000s recession 2001;9/11 stock market crash 2000s commodities boom (2000–2014) United States housing bubble (2002–2006) Canadian property bubble (2002–) 2003 Myanmar banking crisis 2000s energy crisis (2003–2008) North Dakota oil boom (2006–2015) Uranium bubble of 2007 Great Recession 2007–2009;Australia and New Zealand Bangladesh, India, Malaysia, Pakistan, and Sri Lanka British West Indies Canada South Africa United Kingdom United States 2008 financial crisis September October November December 2009 Subprime mortgage crisis 2000s U.S. housing market correction U.S. bear market of 2007–2009 2007–2010 U.S. bank failures Corporate debt bubble (2008–) Blue Monday Crash 2009 2010 flash crash Malaysia Tiger Cub expansion (2010s) Australian property bubble (2010–) August 2011 stock markets fall Black Monday 2011 Bangladesh share market scam Cryptocurrency bubble (2011–) Puerto Rican government-debt crisis (2014–2022) 2015–2016 stock market selloff Brexit stock market crash (2016) 2017 Sri Lankan fuel crisis Ghana banking crisis (2017–2018) Sri Lankan economic crisis (2019–2024) COVID-19 recession 2020–2022;2020 stock market crash financial market impact sectoral impacts shortages Canada India Malaysia New Zealand United Kingdom United States 2020s commodities boom Global energy crisis 2021–2023;2021 United Kingdom natural gas supplier crisis regional effects 2021–2023 global supply chain crisis 2021–2023 inflation surge Pakistani economic crisis (2021–2024) 2022 stock market decline 2022–2023 global food crises 2023 United Kingdom recession 2023 United States banking crisis 2025 stock market crash
Countries and sectors	Australia rail transport slavery whaling/Western Australia Canada agriculture currencies early banking system list of recessions petroleum industry rail transport slavery technological and industrial whaling/Pacific Northwest Ghana India agriculture Company rule maritime British Raj Deindustrialisation salt tax slavery Malaysia New Zealand whaling Nigeria slavery Pakistan maritime rail transport South Africa slavery whaling Uganda United Kingdom Agricultural Revolution Atlantic slave trade banking British Empire English fiscal system Interwar unemployment and poverty list of recessions maritime/England/Scotland Middle Ages England/agriculture national debt Scotland/agriculture/Middle Ages/Industrial Revolution rail transport/pre–1830/1830–1922/1923–1947/1948–1994/1995–present slavery trade unions Victorian era Wales/Industrial Revolution whaling/Scotland United States agriculture banking/colonial-era credit/cooperatives/investment banking/Jacksonian Era/wildcat banking business central banking coal mining indentured servitude Industrial Revolution iron and steel industry labor list of economic expansions list of recessions lumber industry maritime/colonial-era/1776–1799/1800–1899/1900–1999/2000–present monetary policy poverty petroleum industry/oil shale public debt rail transportation slavery/colonial-era slavery/forced labor/slave trade/slave markets tariffs taxation technological and industrial United States dollar whaling Zimbabwe
Business cycle topics	Aggregate demand/Supply Effective demand General glut Model Overproduction Paradox of thrift Price-and-wage stickiness Underconsumption Inflation andunemployment Chronic Classical dichotomy Demand-pull/cost-push/built-in inflation Debasement Debt monetization Deflation Disinflation Full employment Hyperinflation Money supply/demand NAIRU Natural rate of unemployment Neutrality of money Phillips curve Price level Real and nominal value Sahm rule Velocity of money Expansion Miracle Recovery Stagnation Interest rate Nominal interest rate Real interest rate Yield curve/Inverted Recession Balance sheet Depression Global Rolling Shapes Stagflation Shock Demand Supply
Credit cycle topics	Financial bubble Commodity booms/diamond rush/gold rush/oil boom Real-estate bubble/housing bubble/boomtown/ghost town Speculation Stock market bubble Financial crisis Bank run/bank failure Commodity price shocks Credit crunch Currency crisis Debt crisis Energy crisis Liquidity crisis/accounting/capital/funding/market Minsky moment/leverage cycle Stock market crash/Flash crash Social contagion Financial contagion Irrational exuberance Market trend Proposed bubbles AI bubble/AI boom Carbon bubble/Age of Oil/Peak oil Everything bubble Green bubble Social media stock bubble Unicorn bubble U.S. higher education bubble

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Great Divergence

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