ECON224 Unit 4 IP

ECON224 Unit 4 IP - Factors behind Economic Growth in Hong...

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Factors behind Economic Growth in Hong Kong and Singapore There are many similarities between Hong Kong and Singapore . Both countries enjoy high economic growth rates for the past three decades they are known as East Asian Tigers ' because they made a transition from poverty to Newly Industrialized Economies (NIE 's ) in a very short period of time . Both Hong Kong and Singapore were British colonies with both legal and administrative systems of their former colonial powers They are the busiest ports in the world in terms of throughputs . They have climbed the industrial ladder and are now important international financial centers because of their reliance on trade since 1960 's (Kim .et al 1994 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
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