American InterContinental University Online
Ways to Encourage Economic Growth in Hong Kong and Singapore
Hong Kong and Singapore are very different in size. Singapore is half the size of Hong Kong with a population of 2.6 million, however Hong Kong maintains a whopping 5.5 million population. Both were created by British colonialism during the nineteenth century. They are also very competitive against each other. In order for Hong Kong and Singapore to thrive they have to promote economic growth in some way. One way to encourage economic growth is through the expansionary fiscal policy. The expansionary policy is when the government increases spending. The government has the ability to increase spending and thus target that funding towards certain firms. This particular increase may come in the form of giving out a loan, such as a bailout to firms in debt. Another way of encouraging economic growth is by improving the quality of education in the territory. By doing this it can boost up employment rates and reduce poverty among the lower-skilled workforce. Quality education not only means high employment rates, but more cash flow in the economy. I would encourage improving the quality of education. There are so many doors that can be opened with quality education. They will be more aware of what’s going on in the world and how things work. With education you learn things you normally or probably wouldn’t be introduced to outside of school. Basically they can put their knowledge to work and create more jobs and hire people to work.
Country Report (2008) Economic Policy Outlook. Retrieved 2 5, 2012 from EBSChost