Economic Growth Strategies

ECONOMIC GROWTH STRATEGIES FOR HONG KONG & SINGAPORE

Gretta Batten

Macroeconomics (ECON224-1601A-06)

February 6, 2016

James McCord

Introduction

NIC, or a Newly Industrialized Country, is a country that has fallen someplace on the economic assessment scale between developing and a first world country. This country has moved away from a commonly agriculture based economy, into more industrialized concerns. This was true of countries including Singapore and Hong Kong during the 1970’s and 1980’s (Investopedia, 2011). These countries are still prospering today, and there are many ways they can help to bind their place within the global economy. In an attempt to help inspire growth and stability within the Hong Kong and Singapore countries, the help from the World Bank has been commissioned.

The World Bank is an important source of financial and technical assistance to developing countries around the world. Our mission is to fight poverty with passion and professionalism for lasting results and to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors (WorldBank.org, 2011).

Things that are now of concern to the growing Singapore and Hong Kong countries include their taxation, trade alliances, and property rights.

Trade Associations

Singapore must make the decision to join with such organizations as the Association of Southeast Asian Nations, or ASEAN (Investors Offshore, 2011). This will give them the benefit of being a part of the world’s greatest free trade grouping. If Hong Kong can get access to this group, it would be helpful to them also. The capacity to enter into such a huge combination of trading would be a benefit to any country. One of the more important benefits is that the other countries have decreased and even eliminated tariffs on trade for certain things between other associates. As tariffs can deter or harm a countries’...