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In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the Great Recession. [33] By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World Trade Organization. [34]
The Hong Kong economy was the first out of the four to undergo industrialization with the development of a textile industry in the 1950s. By the 1960s, manufacturing in the British colony had expanded and diversified to include clothing, electronics, and plastics for export orientation. [10]
According to The Economist basing on data from the World Bank, from 1960 to 2022, only 23 economies have been said to have escaped the middle income trap, most notably the Four Asian Tigers of Hong Kong, Singapore, South Korea, [11] and Taiwan, Seychelles in Africa, Poland in Central Europe, as well as Saudi Arabia in the Middle East. [12] [13]
“Hong Kong is a barometer of the economic activities in China," said Patrick Ip, managing director at China-ASEAN Investment Cooperation fund. "Because of the recent China economic downturn and ...
Hong Kong’s economy has struggled to regain momentum since it reopened after more than two years of self-imposed Covid isolation. In 2023, its GDP grew 3.2%, thanks to a low base in 2022, but it ...
The East Asian model, [1] pioneered by Japan, is a plan for economic growth whereby the government invests in certain sectors of the economy in order to stimulate the growth of specific industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Japan, South Korea, Hong Kong and ...
The move to add more names to Hong Kong's wanted list comes as the city strives to revive economic growth and refurbish its international reputation after a years-long crackdown on dissent that ...
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. [1] The term was originally used for the Four Asian Tigers ( South Korea , Taiwan , Hong Kong , and Singapore ) as tigers are important in Asian symbolism, which also inspired the Tiger Cub Economies ...