Hong Kong and Singapore
Sheila Sharp
ECON 224-1405B-05
Unit 5 Individual Project
Prof. Hector Morales
AIU
Feb. 6, 2015
NIC’S Hong Kong and Singapore
Hong Kong and Singapore economies went through rapid growth during the latter half of the 20th century, expressly in the industrial sector. Hong Kong has very little if any mineral resources and cannot be competitive and this area. Timber for commercial production is not probable and hydroelectric potential is practically nil. Water is in short supply; however Hong Kong has become a giant in the world of trade and tourism. Their leading export items are textiles and clothing. Manufacturing items such as electrical machinery, appliances, photographic apparatus, and office machinery are a huge part of Hong Kong’s re export items. (Hong Kong 2015). Tourism is also a large part of Hong Kong’s economy. In 2005 on Lantau Island, Hong Kong the amusement park Disneyland was constructed and based on the original California Disneyland has become a major amusement park attraction. The government highly promotes the tourist trade in Hong Kong. A major number of tourist arrivals come from the mainland and are catered to by the service sector which constitutes a significant part of the economy. Singapore also has experienced vast economic growth since 1960. Singapore developed its financial and industrial sectors becoming the most advanced economy and South East Asia. Its economy has differed from the other South East Asian countries because it has never been primarily dependent on production and export of commodities. Economic development is closely supervised by Singaporean government and highly dependent on Investment Capital from foreign and multinational corporations. (Singapore 2015). Singapore exports raw materials of rubber, spices and timber in exchange for finished goods from within and outside the region. Imports are mainly crude petroleum, machinery and transport
ECON 224-1405B-05
Unit 5 Individual Project
Prof. Hector Morales
AIU
Feb. 6, 2015
NIC’S Hong Kong and Singapore
Hong Kong and Singapore economies went through rapid growth during the latter half of the 20th century, expressly in the industrial sector. Hong Kong has very little if any mineral resources and cannot be competitive and this area. Timber for commercial production is not probable and hydroelectric potential is practically nil. Water is in short supply; however Hong Kong has become a giant in the world of trade and tourism. Their leading export items are textiles and clothing. Manufacturing items such as electrical machinery, appliances, photographic apparatus, and office machinery are a huge part of Hong Kong’s re export items. (Hong Kong 2015). Tourism is also a large part of Hong Kong’s economy. In 2005 on Lantau Island, Hong Kong the amusement park Disneyland was constructed and based on the original California Disneyland has become a major amusement park attraction. The government highly promotes the tourist trade in Hong Kong. A major number of tourist arrivals come from the mainland and are catered to by the service sector which constitutes a significant part of the economy. Singapore also has experienced vast economic growth since 1960. Singapore developed its financial and industrial sectors becoming the most advanced economy and South East Asia. Its economy has differed from the other South East Asian countries because it has never been primarily dependent on production and export of commodities. Economic development is closely supervised by Singaporean government and highly dependent on Investment Capital from foreign and multinational corporations. (Singapore 2015). Singapore exports raw materials of rubber, spices and timber in exchange for finished goods from within and outside the region. Imports are mainly crude petroleum, machinery and transport
References: Hong Kong. (2015) In Encyclopedia Britannica Retrieved from http://www.britannica.com/EBchecked/topic/270971/Hong-Kong/11622/Resources-and-power Singapore. (2015) In Encyclopedia Britannica Retrieved from http://www.britannica.com/EBchecked/topic/545725/Singapore/52622/Religions The Worldbank Group. (2012) Retrieved from http://wbi.worldbank.org/developmentmarketplace/partner/oxfam-hong-kong