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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 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 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]
positive non-interventionism involves taking the view that it is normally futile and damaging to the growth rate of an economy, particularly an open economy, for the Government to attempt to plan the allocation of resources available to the private sector and to frustrate the operation of market forces.
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.
Some of the best prospects for economic growth in the last few decades have been found in East and Southeast Asia. [2] [4] Japan, South Korea, China, Hong Kong, Singapore, India, Thailand, Taiwan, Vietnam, Malaysia, Philippines, and Indonesia are developing at high to moderate levels. Thailand, for example, has grown at double-digit rates most ...
The government will also ease property lending policies to boost housing demand. Real estate and related industries play a key role in Hong Kong’s economy, accounting for as much as a fifth of ...
The central government's efforts to contain migration has been a major factor in the rapid development of the Chinese economy. Their tight check on migration into urban areas has helped prevent the emergence of a number of problems faced by many other developing countries. [ 17 ]