Factors behind economic growth in hong kong and singapore essay

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Factors behind economic growth in hong kong and singapore essay

Both Hong Kong and Singapore were British colonies with both legal and administrative systems of their former colonial powers.

Economic Issues 1 -- Growth in East Asia

They are the busiest ports in the world in terms of throughputs. In addition both cities are densely populated since land is scarce and land together with property prices is very high. These two cities are known for being fee traders with few restrictions on trade and capital flows which many a times are Gross Domestic Product GDP.

In Hong Kong the state owns all the land whereas in Singapore the state owns four fifths of the total land.

Factors Behind Economic Growth in Hongkong and Singapore - Ladamer

Consequently both cities capture economic rent primarily by nationalizing land and leasing it out. While the state owns much of the land in Singapore and the sole landowner in Hong Kong, the inefficiencies that could result from state ownership are taken care of through the creation of markets for state, land and property leases.

Factors behind economic growth in hong kong and singapore essay

Meanwhile the public leasehold system where the state is the major role player in land use, planning and resource allocation works very well in both cities since the public sector institutions of both are efficient and non-corrupt. These institutions in both countries benefit from adequate checks and balances, merit-based recruitment and pay scales which are high enough to reduce the temptation to corruption.And so with Hong Kong’s non-interventionism policy and Singapore’s less-interventionist government the economy of these two city-states continue to grow and prosper (Tan, ).

These are the main factors behind the economic growth of these two city-states.

BREAKING DOWN 'Four Asian Tigers'

Economic Growth – Essay Sample Economic growth can be defined as an increase in the capability of the economy to produce different services and products at different periods of time. It is similar to economic development.

In the case of Hong Kong, Korea, and Taiwan Province of China, their growth rates of total factor productivity are as outstanding as their output growth rates. Productivity growth in Singapore is less spectacular, but is still much above the world average.

The spectacular growth of many economies in East Asia over the past 30 years has amazed the economics profession, which inevitably refers to the success of the so-called Four Tigers of the region (Hong Kong, Korea, Singapore, and Taiwan Province of China) as miraculous.

What are the 'Four Asian Tigers'?

Factors such as connectivity, proximity to China, low tax system, ease of Hong Kong company setup, and excellent infrastructure have made Hong Kong the centre of business activity in Asia (Ali, ).

Much of the global cities in the world had distinguishing history that makes them an . Factors behind Economic Growth in Hong Kong and Singapore. in a very short period of time. Both Hong Kong and Singapore were British colonies Economic growth Economics.

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Economic Issues 8 -- Why Is China Growing So Fast?