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Mark Roper

BBC News - Is Hong Kong really the world's freest economy? - 1 views

www.bbc.co.uk/...business-16501894

poverty and inequality bbc

shared by Mark Roper on 10 Jun 13 - No Cached
  • Hong Kong has been ranked as the world's freest economy for the past 18 years, a title bestowed on it by the Heritage Foundation, a conservative Washington think tank.
  • Hong Kong's free-market credentials have long masked a more complicated picture than its model economy status suggests
  • the introduction of a minimum wage
  • ...10 more annotations...
  • gross domestic product per head is high at $32,000
  • disparity between rich and poor is wide
  • More than half of the population earn less than HK$11,000 ($1,400; £920) a month and household incomes have barely increased over the past 10 years despite a booming economy
  • government provides public housing to about 50% of the population.
  • The Hong Kong government is also directly involved in other, sometimes surprising, areas of the economy.
  • Disneyland
  • major shareholder in MTR Corp
  • government relies on land sales for revenue
  • July last year, 200,000 people marched to voice their dissatisfaction over the widening gap between rich and poor and the high property prices.
  • Welfare spending has doubled since 1997
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