Word: honge
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...impoverished farmers, infrastructure to supercharge commercial development, and otherwise produced wealth South Korea could never have generated on its own. Eager to raise living standards in their own countries, Asian policymakers and businessmen to varying degrees adopted the same fast-track formula. The economies of South Korea, Taiwan, Hong Kong and Singapore did so with such success they became known as the Asian tigers. Their growth model produced miracles - and as Park said in a 1965 speech, exports were "the economic lifeline...
...South Korea's 33%. Overall economic growth is following suit. In the fourth quarter of 2008, Taiwan's GDP contracted 8.4% from the same period a year earlier, the worst quarter on record. South Korea's GDP shrunk 3.4% in the fourth quarter, Singapore's fell 3.7% and Hong Kong's dipped 2.5%. Eric Fishwick, head of economic research at brokerage CLSA in Hong Kong, predicts these dismal numbers will persist. He sees Singapore's GDP contracting 10% this year, while South Korea's will decline 7%, Hong Kong's will slide 5% and Taiwan's will drop, stunningly...
...Once booming businesses are resorting to desperate discounting to try to keep customers coming. In Hong Kong, 1,000 restaurants have joined together to offer dishes such as dim sum and roast pigeon for one Hong Kong dollar (about 13 cents). In Taipei, Taiwan's capital, fast-food chain KFC held a press conference last month to announce 50% discounts on every second meal ordered, only to have McDonald's employees interrupt by parading with signs promoting $2 lunch specials...
...tigers really want to thrive in the future, the answer might lie in rejecting another legacy of Park Chung Hee: the idea that governments alone can successfully engineer high economic performance. Jim Walker, an economist at independent research firm Asianomics in Hong Kong, argues that politicians still intervene too much in their economies instead of allowing market forces to work. "What governments need to do is start trusting their own people rather than hoping the West is going to get it right all of the time," Walker says. For the tigers to keep roaring, they may need to find their...
...democracy legislators and human-rights activists are reviewing whether the Mugabe presence in Hong Kong can be challenged, but it remains unclear how much can be done to thwart a head of state who remains close to Beijing. "At the end of the day, Hong Kong has no power over its foreign dealings," says Law Yuk-Kai of Hong Kong Human Rights Monitor. A Chinese Foreign Ministry spokesman told the Hong Kong-based South China Morning Post on Feb. 17 that Mugabe had the right to invest in Hong Kong real estate. "Hong Kong is a free port ... even Falun...