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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]
The scope listed in the table is prefecture-level cities, including direct-administered municipality and special administrative regions [clarify] [original research?] that are equivalent in area and economic volume. The unit of measurement for the data listed is the local currency Chinese yuan.
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 ...
Following in the footsteps of Hong Kong; South Korea, Taiwan, and the city-state of Singapore soon industrialized thanks to capitalist and open policies by their efficient governments. By 1997, Hong Kong, Taiwan, and South Korea joined Japan as developed economies in East Asia, while Singapore became the sole developed economy in Southeast Asia.
The selected growth model displayed the circle's intent. It was engaging both internal and external players to protect the circle and members' interests. The China Circle realized that household is a crucial area to initiate economic growth. The circle improved per capita within the household in Hong Kong, Taiwan, and China.
The weights used are the values that best explain growth in recent years [10] For example, the sophistication and innovation factors contribute 10% to the final score in factor and efficiency-driven economies, but 30% in innovation-driven economies. Intermediate values are used for economies in transition between stages.
“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 ...