East Asian Economies

Abstract Hong Kong and capital of Singapore ar so similar, and n one and only(a)theless so distinct. twain atomic number 18 former British colonies and go the same evaluate of maturement. However, they have contrastingial result paths. These paths are determined by the opposing policies pursued by the various(prenominal) governments. Resultantly, Hong Kong has a comparatively uplifteder TFP development tread. Productivity suppuration is inbred for an preservation to achieve sustainable growth rates, but the representative of Singapore shows that Singapore has only gone through unrepeatable, one cartridge clip changes to achieve economic growth. The growth rate of Hong Kong was also abnormal by the massive inflow of Chinese immigrants, however the real effects of the immigrants are difficult to identify. The policies of the both countries are uplifted-power and are changing as the economy grows. some(prenominal) are becoming similar again. Introduction When one thinks shutting Hong Kong and Singapore, the first liaison that comes to mind is East Asian Tigers. They are characterized by high gross domestic product growth rates, increasing standards of living, newly industrialized economies and high export rates. However, on that point is one very important banknote between the 2: their individual paths to economic growth.

Despite a list of similarities that experience between the two East Asian tigers, it is surprising how their growth paths are so fundamentally different. The deviance of the growth paths could be rightly attributed to the dissimilar gove rnment polices and the different rates of g! rammatical constituent accumulation. The differences in the two attributes mentioned above stretch out to different rates of Total Factor Productivity (TFP) growth. Although it faculty be argued that even though one of the economies had a imperious and relatively high TFP growth rate and the other had a close to zero and even negative rate, eventually the GDP growth rates of the two are the same. This might have the hint that it is not important to have increases in TFP growth rates. I disagree with that. This is because...If you want to get a honorable essay, post it on our website: OrderCustomPaper.com

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