Factors Behind the Economic Growth of Hong Kong and Singapore
The World Bank is currently advising anew automated countries on how to animate advance and they accept asked for your help. Using the internet and alternative resources, address a 2 folio article researching the factors abaft bread-and-butter advance in Hong Kong and Singapore. Which of these methods of auspicious advance would you advance to a anew automated economy?
Hong Kong and Singapore calm with Korea and Taiwan are advised to be the anew automated economies in South East Asia (Wong, 2003). Due to their accelerated bread-and-butter advance these countries has been referred to as Asia’s “Four Little Dragons” (Tega, 2007). This cardboard aims to appraise the altered factors abaft the bread-and-butter advance of Hong Kong and Singapore respectively. Afterwards, I would abstract the appearance that could be activated by alternative anew automated economies in adjustment to animate and access their own bread-and-butter growth.
The address in which the Hong Kong has encouraged bread-and-butter advance is reflected in the address in which it conducts its bread-and-butter policies. Economists accept activated the apathetic advance blueprint in their assay of the said abridgement and accept appear that on of the factors of its success (which is for them inconsistent, at times accelerating and in alternative aspects lagging); is its focus on able allocation of sources, bread-and-butter scales and education. However, although Hong Kong has done able-bodied on prepping up these three factors, it has to a assertive been best abounding in its accepted move to be a baton in absorption on acceptable a abounding user of advice technology in its attack to sustain bread-and-butter growth.
The abridgement of Hong Kong is heavily codicillary on its accomplishment and account aggressive industries. This able-bodied developed account area is advised to a basic role in announcement bread-and-butter growth. In a nation anchored on such development, advice and advice are cogent (Tega, 2007). The government of Hong Kong has led abounding action with commendations to technology initiatives in band with this need. This is apparent to accommodate the advance of IT in bounded accomplishment enterprises as able-bodied as the access in abutment for analysis and development in the academe and alternative sectors. As a result, the TFP advance of Hong Kong, an important base for bread-and-butter success has abundantly added to akin alternative aggressive economies.
Singapore today promotes its bread-and-butter cardinal plan as a aerial technology economy. It has focused on developing apprenticeship and training to accommodate competitiveness abstruse abilities development. The plan includes auspicious the development of animal resources; announcement civic teamwork; actuality globally competitive; creating a accessory altitude for innovation; and convalescent accomplishment and account clusters (Tan, 1997).
This is placed into absoluteness by the government’s move to accent the technology availability in schools as able-bodied as accumulative abstruse training in both accessory and tertiary education. In accomplishing so, Singapore is able to aerate technology by accepting a accomplished and able assignment force. 1.6 percent of Singapore’s GDP is allocated for R&D (research and development) in the year 2000. Accomplishing so accustomed the said country to bout abstruse accommodation with automated demands; and demography the advanced band in toning itself with the appeal of stronger states in the all-around abridgement (Tan, 1997). This repositioning of apprenticeship and training as a prime application in bread-and-butter advance has been abounding in advancement sustenance and advance in the era of globalization.
As such it appears that two credibility should be taken in by those who ambition to chase the bottom accomplish of Hong Kong and Singapore; these are the focus on technology and apprenticeship (development of HR) in adjustment to animate bread-and-butter growth. In an age back economies are machinized and cyberspace is aloof as abutting to reality; the adeptness to cope with such demands of addition and abstruse adequacy is a accomplish or breach situation. Alternative NIEs should challenge the archetype of Singapore and Hong Kong in architecture a civic abridgement that can sit itself amid alternative economies in the 21st century. IT and R&D--- accumulate this able and absolutely a country would be able to accept bread-and-butter growth.
Tan, P.B. (1997). Animal Resource Development For Continued Bread-and-butter Growth: The Singapore Experience. In ilo.org. Retrieved September 6, 2007 from http://www.ilo.org/public/english/dialogue/actemp/papers/1998/tanhrd1.htm#c2_1
Tega, D. (2007). A Study on Abstruse Advance and Bread-and-butter Advance in Hong Kong. In Associated Content Media. Retrieved September 7, 2007 from http://www.associatedcontent.com/article/299876/a_study_on_technological_progress_and.html?page=4
Wong, R. Y. C. (2003).Understanding Accelerated Bread-and-butter Growth:A New Tale of the Four Asian Dragons. In the Economist.com. Retrieved September 7, 2007
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