Social Media Effect on Economic Growth in Hong Kong

This essay discusses the impact of social media on the economic growth of Hong Kong. It covers the advantages and disadvantages of social media in the economy, including the promotion of products and services, reduction of entry barriers, and increase in employment and per capita income.

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Social media effect economic growth in Hong Kong
Essay
5/26/2018
Student Name

1 | P a g e Social media effect economic growth in Hong Kong
Outline of the essay
As like any other essay, this essay will also start with an introduction. In the introduction
part, a short summary will be given over the social media affecting the growth in Hong Kong.
Social media are the websites and applications that allow users to make and share the content.
Social media helps user to participate in the social networking. Social media are computer-
meditated technologies that enable the design and sharing of the information. Each and every
moments can be captured and post it online (Gerbaudo, 2018). The social media has its own
advantages and disadvantages. Nowadays social media plays a crucial role in the economy.
Most of the promotion and advertisement of any new product or service are done by these
social media. These social media’s include Facebook, Instagram and Twitter. Promotion of
products and services in online market involves least cost which helps the business to have
savings in the cost. The marketing in the social Medias are done so easily with less time
involved. Several companies and countries are having the good competitive edge in the
market (Hootsuite, 2013).
Social Media
After introducing the topic in the introduction part the discussion related to the social media
and its impact on the economy of Hong Kong will be discussed. The discussion would cover
the background of Social media; it is adopted by the overall world and has covered a large
reach. Like in the market of Hong Kong, social media plays a crucial role. The economic
growth has been affected by the use of these social media’s. Social media has become a new
channel for the people in Hong Kong to an accumulation of human and intellectual capital.
The key issues involved in the entry will be discussed like Social media are helpful in the
Hong Kong market as it removes the barriers to the entry of the firms. Now any can firm can
enter the market without taking any license or franchising or other forms of entry barriers.

2 | P a g e Social media effect economic growth in Hong Kong
This will also help in reducing the cost of the form which ultimately saves the cost to the
country as well as to the company (Sunstein, 2018).
Implication
After introducing the topic, both the positive and negative aspects of the essay is highlighted
in the essay. There are some positive aspects or reasons that the social media should is
contributing in the economic growth of Hong Kong. With the help of social media, the
company is free to publish and post all the information and ideas on the sites with no cost.
The variety of the media involved the blogs, wikis, videos, and pictures etc. will enhances the
potential of the social media in respect to the dispersal of information, skill and knowledge.
Social media helps in giving the employment to the peoples who do not have space for work.
As the work on these social media can be done at home only so the cost is saved by the
individual and person can start earning its livelihood. The per capita income in the country
Hong Kong is increased which ultimately increased the gross domestic product of the country
(Chiu, 2018).
In the past few years, Hong Kong market has developed into a powerful start up and
technology hub in the world. People have much option to start up their new business in the
market. The economy of Hong Kong, as well as people living there, can earn larger revenues
by introducing new products and service to other countries and export it. In the Hong Kong
market, the export requires no duties, which will be an extra advantage to the people and
company living there. Using the social Media they can promote their product at a high level
(Lu, 2018).
However, there are certain disadvantages of social media in the economic growth in Hong
Kong. Certain people use these social media in the negative sense like giving the ads and
promotion of the terrorist and negative political reviews. In the Hong Kong economy, the

3 | P a g e Social media effect economic growth in Hong Kong
employment rate is found to be low. The use of social media in Hong Kong is limited to the
socializing with the friends only. Not majority of the public uses it in the way of making the
money from the social sites. It will harness the economic growth in the country. If people get
the knowledge to earn the money from the sites the per capita income and employment level
in the country will get increased this ultimately increased the growth of the economy
(Lompoc Record, 2017).
Conclusion
Once all the discussion has been done on the positive and negative aspects, the end should be
done with the summary of the discussion made in the essay. The essay should conclude with
a stand whether it is on the positive for the economy of Hong Kong or not.
Like it can be concluded that there are more factors which are contributing to the rise in the
economic growth of the Hong Kong using the social media. Before the use of social media,
the business faces a complication in reaching the public at large. But after the arrival of these
social media’s the Social media, the business communication can be made simple for not
only Hong Kong but for other countries as well. Economic development is especially helpful
in the promotion, marketing and attraction efforts for Hong Kong. Small manufacturing and
brands gain the advantage from the social media and gain a foothold in the market easily.

4 | P a g e Social media effect economic growth in Hong Kong
Reference
Chiu, S.W.K. (2018) City states in the global economy: Industrial restructuring in Hong Kong
and Singapore. Oxon: Routledge.
Gerbaudo, P. (2018) Tweets and the streets: Social media and contemporary activism.
Chicago: Pluto Press.
Hootsuite. (2013) The State of Social Media in Hong Kong. Available at:
https://blog.hootsuite.com/social-media-hong-kong/ [Accessed: 26/05/2018]
Lompoc Record. (2017) Social media's role in economic development. Available at:
https://lompocrecord.com/business/local/social-media-s-role-in-economic-development/
article_92ca7291-e01e-58e3-a227-cd763a6627a3.html [Accessed: 26/05/2018]
Lu, N. (2018) The dynamics of foreign-policy decisionmaking in China. Oxon: Routledge.
Sunstein, C.R. (2018) # Republic: Divided democracy in the age of social media. New Jersey:
Princeton University Press.