Economic Growth in Singapore and Hong Kong

Paper Summary:

This paper examines a World Bank initiative to encourage economic growth in developing lands. In particular the paper considers how Hong Kong and Singapore are two nations which serve as excellent examples to the rest of the world of how relatively less developed nations can maximize their human capital. Chiefly the following paper argues that laissez faire economics especially in the case of Hong Kong coupled with a determination to accentuate service sector growth, especially true in the case of Singapore, can lead to great things.

From the Paper:

"Newly industrialized countries are understandably eager to join the front ranks of twenty-first century nations. For this to occur, of course, they require diligence, a receptivity to new knowledge, and a certain amount of innovation. The following paper will review how economic methods employed in Hong Kong and in Singapore can help developing states achieve prominence in the new world order. Specifically, the paper looks at the benefits of domestic competitiveness and at government policies aimed at promoting innovation and self-reliance (Hong Kong in particular) and services-sector growth (Singapore has been especially aggressive on this front). In the final analysis, a globalized world requires liberal government policies, and both of the aforementioned nations offer that. "

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