| Encouraging Economic Growth Essay
Economic growths in developing countries need to integrate different factors of production to achieve the strategic economic objectives. Different players in the economy should be involved. Among them are the banks which need to examine the available opportunities and risks that must be addressed to make effective strategic decisions. Thus the World Bank plays a major role to promote this economic growth. The World Bank has particularly offered assistance to the economies of Singapore and Hong Kong.
One of the major objectives of World Bank is to promote global economical growth. This is achieved through financing economic development for member states. It involves issuing finance capital to developing countries to boost the productivity and the living standards of their people (Akkemik, 2009). Beyond the provision of finance, the World Bank also offers technical support alongside other necessary advice and assistance to achieve economical growth. Where a member state seeks assistance from the bank, the World Bank first examines the chances of success and other available opportunities. It collects necessary and sufficient economic information that will impact highly to the economic development. Thereby it advices the states in consideration of the information and offers the most valuable assistance. It is very possible to advance both human capital and finance capital. One of the best approaches to economic development is ensuring a stable human capital followed by adequate and valid infrastructure. In turn this yields a saving and investment culture that boosts the economies multiplier.
Hong Kong and Singapore are developing nations. To attract high foreign investors and technological advancement they need to broaden their market economy. Currently, their main economic development can be attributed to the growth in production of goods and services, which are necessary primary factors for economic take off. A factor of production such as labour which is a form of human capital is another factor that contributes to growth alongside technology. The presence of skilled manpower needs to be supported by the right infrastructure. Thus laying the infrastructure development acts as a foundation to boost production. The working environment should be conducive for both the employees and the employers to create a free market. Here the prices of goods and services are freely determined by the forces of demand and supply. Application of technology in the production is vital for a competitive market. This involves the skills applied in production of goods and services, the machinery used to aid and ease production. With all this in mind, the potential of the people of Singapore and Hong Kong is capitalized by utilizing such opportunities (Sarel, 1997).
For any company to survive the economic conditions in Hong Kong and Singapore, application of technology is imperative (Urata & Kimura, 2006). For instance, Soviet Unions failure can be attributed to the fact that it concentrated in the advancement of capital and labour at the expense of technology. Hence any firm that has to impact highly in the economic growth of Singapore and Hong Kong which are considered the economic giants of East Asia should adopt efficient technology. This technology is varied. It can be in the form of machinery which relieves labour intensive methods. Much more technology could be in form of man power. This is the ability to handle varied machinery equipment and incorporate advanced skills in production. In return it will highly boost the production levels. Competitive prices also need to be offered in the market. This then will reflect in economic growth and improve the living standards of the people.
The creation of free market is one of the major economic growth factor of Singapore and Hong Kong. The creation of a serene environment for all stakeholders in a free market system has led to the advancement in labour capital and infrastructure. With such a great foundation technological advancement was incorporated. Therefore, any firm to contribute to the highly growing economy should apply efficient technology. This in turn contributes highly to production.
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