Singapore’s recent economic history Singapore is well located for international industry and trading. The development of the Singapore economy depends heavily on foreign capital, foreign technology and foreign workers. Foreign companies are attracted by an interesting tax system. The foreign investors profit from the fact that they pay lower tax rates than local residents. The Singaporean government has a big influence on the social and economic development. The authorities organized for example trainings for Singaporean workers in order to obtain trained, highly motivated residents. This resulted in the fact that nominal wages raised and unemployment declined. The Singaporean government always supported the free enterprise system in order to obtain industrial stability. The combination of supporting the Singaporean inhabitants, inviting multinationals and embracing the free enterprise system resulted in the fact that Singapore is nowadays one of the most important leading, financial countries in Southeast Asia. GDP Growth Year GDP in M$ 2002 157,694.4 2003 160,890.4 2004 181,539.8 2005 194,241.7 2006 209,990.9 (Source: Yearbook of Statistics Singapore, 2007, page 74) Year GDP growth in % 2002 3.0 % 2003 2.0 % 2004 12.8 % 2005 7.0 % 2006 8.1 % (Source: Yearbook of Statistics Singapore, 2007, page 74) The last five years the GDP has been increasing. From about 158 billion dollars in 2002 to almost 210 billion dollars in 2006. The increase of 52 billion dollars can be partly owed to the Singaporean government who has cut down on corporate taxes in order to increase its... ... middle of paper ... ...11/2003373703 Singapore GDP shrinks 4.8%, cuts 2008 growth view (2008) Retrieved March 16th, 2008 from http://www.marketwatch.com/news/story/singapore-gdp-shrinks-48-cuts/story.aspx?guid=%7BE38E6C09-CD39-4A4D-9536-703DCCD48875%7D Economic History of Singapore (year unknown) Retrieved March 16th, 2008 from http://www.sjsu.edu/faculty/watkins/singapore.htm Brief History of Singapore (1994) Retrieved March 16th, 2008 from http://www.singaporeexpats.com/about-singapore/brief-history.htm Statistics Singapore (2008), Retrieved March 16th, 2008 from http://www.singstat.gov.sg/ Photo Cover Page (2008) Retrieved March 29th, 2008 from http://www.flickr.com/
Life is not always easy, at some point, people struggle in their life. People who are in the lower class have to struggle for a job every day and people who are in upper class also have their own problems to deal with. These ideas are very clear in Mary Oliver’s “Singapore”, Philip Schultz’s “Greed” and Philip Levine “What Work Is”. In "Singapore" a woman is likely lower class because she works at the airport and her job is to clean the bathroom. In both “Greed” and “What Work Is”, the speakers make the same conclusion about the struggle in the lower class. “Greed” furthermore discusses how Hispanics get a job first before whites and blacks because they take lower wages. All three poems deal with class in term of the society. The shared idea
The narrative of Carvey’s “Cathedral” and Mary Oliver’s “Singapore” shows the moment of enlightenment for a narrator and lady. Two different reading, yet the encounter of a visit and chance meeting transforms the characters. In “Cathedral”, the narrator is telling a story about a wife who had a friend call name Robert. The narrator, who also is the wife’s husband, meets Robert for the first time. He, judges Robert, because of his blindness. Therefore, the narrator feels superior over Robert. However, when the narrator draws a picture of the cathedral; Robert places his hand over the narrators. The narrator has an epiphany. The same is true for “Singapore.” A lady has a first-time encounter with a cleaning lady in the bathroom. The lady also
Throughout the years, the United States of America has endured a very strong economy. Although there have been many obstacles of hindrance such as trade deficits, wars, hostile governments and embargo’s, the economic status of the United States still continues to prevail. Just to name a few, the economy of this country survives on simple commodities such as pork, oranges, precious metals and the productive efforts of its citizens. In this paper, I will not only introduce and discuss the logistics of both the United States and the United Kingdom; I will discuss its key economic obstacles and its economic well being.
Gross Domestic Product (GDP) is the final value of all goods and services produced domestically in a year, minus any trade deficit. It can also be interpreted as the sum of the total spending of its component parts. There are several components of GDP, and those include Consumer Spending (C), commercial and residential Investment Spending, Government Spending, and Net Exports (value of all exports minus the value of all imports). The largest component of GDP is Consumer Spending, totaling about 6.255 trillion dollars in 1999, or sixty seven percent (67%) of GDP. Like GDP, Consumer Spending (here after C) is also determined by several component parts. C is the sum of consumer spending on Durable Goods (DG: goods that can be stores and have an average service life of three years), Non-Durable Goods (NDG: storable goods with service life of less than three years.), and Services Spending (S: commodities that cannot be stored and must be consumed at the time of purchase). This paper will deal exclusively with the C component of GDP, and more specifically with the components of C and their changes from 1959 until 1999.
Singapore as a country has had various transformations throughout its history, however the period 1950 and 1970 was quite critical. Much of these changes had a lot to do with the development of trade and manufacturing. This is without forgetting the financial sector where the intention was to come up with a financial hub that could be used in economic development. Looking at the case of Singapore, we would say that it is a productive economy with a very high market competition. This observation has been further clarified by the Swiss International Institute for Management Development, going with their report that they released in the year 2001 (Chellaraj & Mattoo, 2009). In this study, we intend to evaluate the case of political economy of development in Singapore and examine the tensions between the state and various economic institutions. In additions to examining this institution, we would also like to examine how these variables have contributed towards the attainment of favorable growth rates and economic prosperity.
In 2002, Australia and China negotiated to establish a Trade and Economic Framework to enhance bilateral trade and investment and under this specific framework, a joint feasibility study of a possible Australia-China Free Trade Agreement (FTA) is being conducted (Yinhua, Philip, Mingtai, Ronglin and Zhaoyang, 2005). Real Gross Domestic Product (real GDP) can be a measurement to evaluate a country's output and the development of economy. The Gross Domestic Product (GDP) in Australia was worth about 400 billion US dollars in 2002 and in 2014 the GDP has quadrupled to the staggering amount of almost 1600 billion US dollars in 2014. At the same time, the GDP in China was worth 1450 and 9240 billion US dollars respectively. It is obvious that both China and Australia have enjoyed great improvements in their economies.
In conclusion, the success of this country was influenced by the external environment as well as the domestic stability. The international communities created options for free trade and it’s these options that helped in Taiwan’s economic growth. The domestic influences include social stability and harmony, education for all, hard work and, stable government.
Comparative advantage means that an industry, firm, country or individual are able to produce goods and services at a lower opportunity cost than others which are also producing the same goods and services. Also, in order to be profitable, the number in exports must be higher than the number in import. From the diagram we seen above, Singapore is seen to have a comparative advantage in some services. The services are Transport, Financial, business management, maintenance & Repair and Advertising & Market Research, etc. These export services to other countries improve the balance of payment. On the other side, Singapore is seen to have a comparative disadvantage in some services. The services are Travel, Telecommunications, Computer & Information,
Singapore’s education journey can be divided into three broad phases namely the Survival-Driven Education (1959 – 1978), Efficiency-Driven Education (1979 -1996) and the Ability-Based, Aspiration-Driven Education which Singapore has adopted since late 1990s. The education policies have evolved to address the context of the country’s stage of development and the challenges it faces at each point. More recently, we are transiting into a knowledge-based economy to face external challenges such as market volatility, increasing globalisation and rapid technological advancement. As Singapore does not have its own natural resources, it is a necessity to develop the people to their fullest to survive. And as the future becomes more volatile with rapid
The increase in population have both pros and cons on the effect of Singapore’s economic growth and standard of living. High population growth rate cause difficulty for countries to raise or maintain its current standard of living. As higher population means competition over household, foods, healthcare, and education. Government needs to pump more money to
Malaysia and Singapore go way back as they first started out as a country and eventually separating out to two different countries as Singapore was unhappy with the way Malaysia had decided to rule its country and it stated that Malaysia was a pro Malay country. With that Malaysia became an independent state.
Indonesia is a country in south-east Asia. It has the world’s highest population of Muslims and is the world’s 4th most populous country. Its capital is Jakarta. Having its world rank at 18th by economy, 15th largest in purchasing parity respectively, thus becoming a slowly progressive country.
We will find out how Singapore manage to raises it economic development in such rapid growth aftermath of war and separation.
...Furthermore, benefiting from globalization, Singapore established itself as the premier global financial hub. As such, it was successful in attracting Multi-National Corporations (MNCs) and Foreign Direct Investments (FDIs). Quoting a study by the National University of Singapore (NUS), “Globalization was the primary centrifugal force that led to the success of the financial industry in Singapore”. (NUS, 2004)
Moreover, China is the best example for how important is the government’s role in nations economy. Chinese government have created national team to focus on specific sectors such as electronics and automobile. (Sutherland,2003). As a result of this strategy, China became the biggest automobile manufacturer in the world by the end of 2012. Also, Chinese government is very successful to control financial markets and it owns 3 of top 10 banks in the world. On the other hand, in another growing state, India, government is applying different strategy rather than Chinese government that is based over encouraging foreign direct investments into the state by lowering tariffs. Eventually India has joined the top ten automobile manufacturers in the world and net profit of the companies has slightly increased by the end of this process (Sardy and Fetscherin, 2009)