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Economic Growth In Hong Kong Essay

689 words - 3 pages

World Bank Report on Economic Growth
In the last forty to fifty years Hong Kong and Singapore have gone from developing nations to industrialized nations with high standards of living. Hong Kong and Singapore have gone from an average gross domestic product per capita of $5,000 forty years ago to $50,000 per capita today. Several fiscal and monetary policies have contributed to the economic prosperity of these two countries. Strategies that have been used to encourage economic growth in Hong Kong and Singapore include economic policies that foster investment, entrepreneurship, risk taking, and innovation. These fiscal and monetary policies have allowed Singapore and Hong Kong to experience ...view middle of the document...

Another policy which has attracted foreign investments Singapore and Hong Kong are strong private property rights, which means that investors are protected by a strong legal system that enforces business contracts and protects investments. One last factor that has helped Hong Kong and Singapore build their economies is that there is little need for a black market because they practice free market oriented policies, which largely eliminates the need for a black market.
Singapore and Hong Kong’s open trade policy which favored exports and imports and applied little tariffs was instrumental in the economic development of the two countries. Singapore’s economy depends strongly on exports in areas such as pharmaceuticals, financial services, information technology, and consumer electronics. Singapore’s gross domestic product in 2013 was $295.7 billion, compared to just $0.70 billion in 1960. (Singapore, 2014) Similarly, Hong Kong is very dependent on trading goods and finance internationally, and has no tariffs on imports. Hong Kong’s gross domestic product in 2013 was $272.1 billion, compared to $1.32 billion in 1960. (Hong Kong, 2014)
Singapore and Hong...

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