Concepts And Problems In Macroeconomics

Factors Behind the Economic Growth of Hong Kong and SingaporeThe World Bank is currently advising newly industrialized countries on how to encourage development and they use up asked for your help . Using the internet and other resources , write a 2 page essay researching the factors behind economic emergence in Hong Kong and Singapore . Which of these methods of encouraging growing would you suggest to a newly industrialized economyHong Kong and Singapore to ticktockher with Korea and Taiwan are considered to be the newly industrialized economies in South due east Asia (Wong 2003 . Due to their rapid economic growth these countries has been referred to as Asia s quadruple Little Dragons (Tega , 2007 . This aims to examine the different factors behind the economic growth of Hong Kong and Singapore respectively . Afterwards , I would extract the features that could be utilized by other newly industrialized economies in to encourage and increase their own economic growthThe manner in which the Hong Kong has encouraged economic growth is reflected in the manner in which it conducts its economic policies Economists have utilized the slow growth convening in their analysis of the said economy and have revealed that on of the factors of its success (which is for them inconsistent , at times progressive and in other aspects lagging is its focus on proper storage allocation of sources , economic scales and didactics . However , although Hong Kong has done well on prepping up these three factors , it has to a certain been most rich in its current move to be a draw in focusing on becoming a fat user of information technology in its attempt to draw economic growthThe economy of Hong Kong is heavily reliant on its manufacturing and profit oriented industries . This well developed service sector is considered to a vital role in promoting economic growth . In a nation anchored on such development , communicating and information are significant (Tega , 2007 .

The government of Hong Kong has led all-encompassing intervention with regards to technology initiatives in line with this need . This is seen to acknowledge the promotion of IT in local manufacturing enterprises as well as the increase in support for research and development in the academe and other sectors . As a result , the TFP growth of Hong Kong , an important basis for economic success has tremendously change magnitude to level other competing economiesSingapore today promotes its economic strategic fancy as a high technology economy . It has focussed on developing education and training to include combat technical foul skills development . The plan includes encouraging the development of kind-hearted resources promoting national teamwork being globally competitive creating a contributive climate for innovation and improving manufacturing and service clusters (Tan , 1997This is placed into naturalism by the government s move to intensify the technology approachability in schools as well as intensifying technical training in both secondary and tertiary education . In doing so Singapore is able to maximize technology by having a skilled and able work impel . 1 .6 percent of Singapore s GDP is allocated for...If you want to get a full essay, order it on our website: Orderessay

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