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Economic Growth Analysis-Hong Kong and Singapore

In: Business and Management

Submitted By Tsalagi1
Words 526
Pages 3
Economic Growth Analysis-Hong Kong and Singapore
Student Name
American InterContinental University

The purpose of this paper is to analyze and present 2-3 methods presently being utilized to spur economic growth for the typical firm in Hong Kong and for the typical firm in
Singapore. The author will recommend the most advantageous method for each firm, and discuss reasons the approach was chosen.

Economic Growth Analysis-Hong Kong and Singapore Every country desires to attain economic growth. Hong Kong and Singapore, both former colonies of England are no exception. Historically, both were known for their strong trade presence in Asia. Recently, however, both their economies have been struggling to grow ( 2014).
The first method being used to encourage economic growth is the introduction of new technologies. Openness to all that the technological age brings can only lead to many more opportunities for economic growth. Developed nations are always at the ready to introduce new products and ways to improve living standards.
The second method being used to encourage economic growth is investing in human capital. Training domestic workers to learn new skills will open the way to employment for domestic workers which in turn allows capital to flow into the economy for goods and services.
The third method to spur economic growth is outward orientation. Working with other countries in a partnership to export as many products as possible to increase its Gross Domestic Product will put their economies at a comparative advantage. Following the lead of the Asian Tigers, who during the 1960s and 1970s experienced explosive economic growth, it is recommended that both Singapore and Hong Kong increase their openness to new technologies (Harms 1996). There are several developed countries that are more than willing to share…...

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