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Growth of the NICs

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The World Bank is currently advising newly industrialized countries on how to encourage growth and they have asked for your help.
Using the internet and other resources, research the factors behind economic growth in Hong Kong and Singapore. Which of these methods of encouraging growth would you suggest to a newly industrialized economy?

Teachers comments:
10/10: Factors/policies behind economic growth in Hong Kong.
10/10: Factors/policies behind economic growth in Singapore and how they differ from factors and method applied in Hong Kong.
10/10: method(s) suggested for newly industrializing country and why

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Solution Summary

Discussion of factors driving economic growth in newly industrialized Countries such as Hong Kong and Singapore

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First I suggest you read Alwyn Young's paper "Lessons from the East Asian NICS: A Contrarian View," which you can see here: https://www.nottingham.ac.uk/economics/teaching/modules/extras/young-L12403.pdf. He suggests that increasing productivity is not the main reason for the growth of the Newly Industrializing Countries (NICs). He notes that increasing output-per-worker rates do not show the result of capital investment. Rather, it is rising factor accumulation in both labor and capital.

Next, consider Y.C. Richard Wong's article "Understanding Rapid Economic Growth: A New Tale of the Four Asian Dragons" ...

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