Growth Hong Kong and Singapore Research Paper

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The country has traditionally relied on growing its workforce as a means of increasing its economic capabilities. While Hong Kong has done the same in the past, its policy has diverged at this point. Faced with an influx of labour from the PRC, Hong Kong now faces a situation where it needs to focus on bringing in high-end labour, rather than the unskilled labour that is currently flooding in. Singapore shares a similar need, but has less space for new arrivals. A more open border with Johor Bahru on the mainland gives Singapore the ability to house labour out of the country that Hong Kong does not enjoy, but could encourage businesses to relocate there as well, to Malaysia's benefit.

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Singapore has also focused on trade more than Hong Kong has. Traditionally, Singapore has adopted a role as a trade hub, where Hong Kong was a finance and insurance hub. As both economies have diversified, they have taken different paths. Singapore today remains committed to labour growth and strong government intervention in the economy, while Hong Kong seems to prefer stemming labour growth and uses government to encourage private investment. The result is that despite the surface similarities, there are significant differences between Hong Kong and Singapore with respect to how they promote economic growth. Thus, while Hong Kong emphasizes trade policy, Singapore emphasizes macroeconomic policy.

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