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Economic Growth in Hong Kong and Singapore:
The main goal of the World Bank is to assist developing countries and their citizens to achieve objectives through partnership with its allies to alleviate poverty.
As a result, this financial organization has currently been advising newly industrialized countries on methods for encouraging economic growth. Notably, various methods can be used to encourage economic growth for typical companies in Hong Kong and Singapore.
Economic Growth in Hong Kong:
Together with Singapore, Hong Kong has become one of the economies in Asia that has experienced explosive growth in the past few decades. This growth can be attributed to various factors including the establishment of a strong infrastructure, use of economic freedom, and following an American economic philosophy. For typical firms in Hong Kong, some of the min methods of encouraging economic growth include:
Improving Management Structures:
While there has been minimal emphasis on the...
This strategy is used because many local firms have continued to depend on simple hierarchies and primitive employee monitoring (Kwong, n.d.). The improved management structures need to focus on both the quality and quantity aspect of human resources which basically deal with education and work hours put into production respectively. Economic growth is stimulated with the increase in the number of work hours and with the existence of a workforce that is better educated.
Capital Accumulation:
As the second method for stimulating economic growth, capital accumulation incorporates all aspects of the production process. As capital is increased and increasingly channeled into production while other aspects in the process remain constant, there is an increase in output. The increase in output due to capital accumulation is one…
References:
Kwong, S.K. (n.d.). Productivity and What It Means to Hong Kong. Retrieved from Hong Kong
Policy Research Institute Limited website: http://www.hkpri.org.hk/bulletin/12/sunny-kwong.html
Thangavelu, S. & Wei, Y.Y. (2006, July0). Aging and Economic Growth: Issues Relevant to Singapore. Retrieved from National University of Singapore website: http://www.fas.nus.edu.sg/ecs/pub/wp-scape/0613.pdf
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