encourage economic growth
Encourage Economic Growth
The current modern and highly globalized world is a far reflection from the world a century ago. This is attributed to among other factors; constant economic growth experienced the world over post-world war 2. Economic growth can be described as the increase in market value of merchandise and services in an economy after being adjusted for inflation. Essentially, it involves the growth of GDP (Gross Domestic Product) on population that is mainly affected by efficiency in the use of inputs within an economy.
Hong Kong and Singapore, in particular, are two of the fastest growing economies in the modern age experiencing significantly high levels of economic growth. It is estimated that these economies averaged an average growth of 6% in real terms over the past three decades establishing themselves as major economic powers in the Asian continent. Hong Kong, a service-oriented economy, is one of the world’s top international financial centers enjoying low taxation, well-established financial markets, and an almost free-trade port. Singapore, on the other hand, is more of a trade-oriented economy and similarly enjoys low taxes, low corruption levels and one of the most open economies in the world CITATION Wor14 l 1033 (World Bank, 2014).
This paper aims to establish a number of methods used in Hong Kong and Singapore to encourage economic growth for typical firms in both economies from …
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