Economy of Hong Kong

• Posted by Confidus Solutions January 9, 2022 - Filed in Business - #Economy  #Hong Kong  - 1,127 views

  Hong Kong is considered a developed country. A nation's stage of development is determined by a number of factors, including economic prosperity, life expectancy, income equality, and quality of life. As a developed country, Hong Kong is able to provide social services such as public education, health care, and law enforcement to its citizens. Citizens of developed countries enjoy a high standard of living and a longer life expectancy than citizens of developing countries. Each year Hong Kong exports around $ 456.4 billion and imports approximately $ 520.6 billion. 3.2% of the country's population are unemployed. The total number of unemployed in Hong Kong is 237,724. In Hong Kong, 19.6% of the population live below the poverty line. The proportion of people living below the poverty line in Hong Kong is relatively high, but this is not a cause for total concern about investment. Potential funders should look at other economic indicators, including GDP, urbanization rate, and currency strength, before making any investment decisions. Government spending on education is 4.5% of GDP. The country's Gini index is 53.7. Hong Kong is experiencing inequality. The gap between the richest and poorest citizens of this country is wide and obvious, resulting in drastically different standards of living for rich and poor citizens. Hong Kong has a Human Development Index (HDI) of 0.891. Hong Kong has a very high HDI. This suggests that almost all citizens are able to lead a desirable life thanks to social and economic support; Citizens with a low standard of living receive help and support and have the opportunity to move forward in society. The strength of the Legal Rights Index for Hong Kong is 8. Overall, it is considered to be rather reasonable - bankruptcy and collateral laws are able to at least decently protect the rights of borrowers and lenders; Credit information is usually sufficient and generally available.

  Currency

  The currency of Hong Kong is Hong Kong dollar. The plural form of the word Hong Kong dollar is dollars. The symbol used for this currency is $, and it is abbreviated as HKD. The Hong Kong dollar is divided into Cent; there are 100 in one dollar.

  Credit rating

  The depth of credit information index for Hong Kong is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Hong Kong has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Hong Kong has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Hong Kong has a credit rating score of Aa1, and the prospects of this rating are positive.

  Central bank

  In Hong Kong, the institution that manages the state's currency, money supply, and interest rates is called Hong Kong Monetary Authority. Locally, the central bank of Hong Kong is called 香港金融管理局. The average deposit interest rate offered by local banks in Hong Kong is 1.26%.

  Public debt

  Hong Kong has a government debt of 19.3% of the country's Gross Domestic Product (GDP), as assessed in 2013.

  Tax information

  The corporate tax in Hong Kong is set at 16.5%. Personal income tax ranges from 0% to 15%, depending on your specific situation and income level. VAT in Hong Kong is 0%.

  Finances

  Hong Kong's total gross domestic product (GDP) valued as purchasing power parity (PPP) is $ 400,362 billion. The gross domestic product (GDP) valued as purchasing power parity (PPP) per capita in Hong Kong was last at 54 million US dollars. Hong Kong PPP is considered below average when compared to other countries. A below-average PPP indicates that citizens in this country are finding it difficult to buy local goods. Local goods can include groceries, shelter, clothing, health care, personal hygiene, essential home furnishings, transportation and communications, laundry, and various types of insurance. Countries with below average PPPs are dangerous places to invest. The total gross domestic product (GDP) in Hong Kong is 274.027 billion euros. Based on these statistics, Hong Kong is considered a large economy. Countries with large economies support a wide variety of industries and companies and offer numerous investment opportunities. Large economies support a sizable financial sector, which makes it easy to organize investments and financial transactions. Finding good investment opportunities in Hong Kong should be very easy. The gross domestic product (GDP) per capita in Hong Kong was last at 37 million US dollars. The average Hong Kong citizen has very little wealth. Countries with very low per capita wealth often have a lower life expectancy and a dramatically lower quality of life for their citizens. In countries with very low wealth, it can be very difficult to find a highly skilled workforce as it is difficult for citizens to get the education needed to specialize in industries. However, compared to countries with higher wealth per capita, workers can be found at very low prices. Hong Kong's annual GDP growth rate averaged 3% in 2014. Accordingly, Hong Kong is currently experiencing modest growth.