Introduction
Singapore gained its independence in 1965.It has been growing gradually and increasingly in the economy. I is now included among the world’s most competitive economies. This was made possible by being an public business globally, with a good business environment and a substantial political market, making it a popular country to invest in globally.
Singapore has only a small number of natural resources, so it relies on its human capital as an advantage which is well-known globally and also known to be a skilled work force. Another advantage that Singapore has is its prime location in where the tiny island is located. This have given the people an edge of being a busy port, placing itself as the leader of the trading hub and logistics
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Due to the dependence on non-internal markets, Singapore is more vulnerable to repercussions and actions of the global markets and as a result, the global recession had impacted unemployment rates heavily, which had resulted in a rise in unemployment. Putting that aside, Singapore is known to be among one of the highest employment ratings in the world. Another form of unemployment which is a challenge to Singapore is structural unemployment. Moving alongside Singapore’s speedily developing economy is its shift from being a labour intensive economy to a capital intensive one. This is inescapably met with the challenge of the substitutions of skills in the labour force of Singapore. For example, the recent shift into the biomedical and Research and Development (R&D) industries subject workers who can only work in the lower end of manufacturing industries tend to find themselves unemployed because the mass production work is usually outsourced to other economies that are developing. In order to solve this issue, the government of Singapore had invested a large sum in training and education, with and average of one in four citizens who were employed in 2010 to be degree holders, therefore allowing citizens of Singapore to remain relevant and …show more content…
In addition, after the 2011 Singapore general election, the government of Singapore has greatly changed its economic approach and it seems to be better for the economy of Singapore so far. On the other hand, measures have also been taken to cool down the property market which has constantly affected inflation rates, also tightened the foreign labour policies that constantly influence the labour market and unfold its impacts onto the Singapore’s economy as it comes back in one round. The unemployment rate in Singapore has been maintaining itself as being one of the lowest numbers in the world. The majority of Singapore’s labour force is well educated and highly skilled. Even primary education is a must for all citizens (Economywatch.com, 2010). In addition, for the year 2010, Singapore had the 8th largest current account balance in the world at US$49.454 billion. To conclude, Singapore has come so far from its sunken economy since independence in 1965 to become a booming and prosperous economy that it is
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 cultural difference between Canada is huge. Both the countries are multicultural but Canada is more western in culture whereas Singapore are mostly dominated by Chinese, Malay, and Indian culture. According to the Greet Hofstede Model,
Singapore's economy is relatively stable and growing, albeit being slightly affected by global economic woes. As a whole, there are low levels of unemployment and GDP per capita is high(Worldbank,2013), hence implying more disposable income that nationals have to spend. Nonetheless, spurred on by soaring ...
Singapore acts as a role of an entrepôt for Southeast Asia due to their strategic location, port infrastructure and highly skilled workforce. Singapore also purchases raw materials from other country and then refine the product into a better product to re-export. The reason for Singapore to do this is because of the lack of human and natural resources.
Until about forty years ago, Singapore was colonized by the British. It seems strange but then again the British would have colonized a tea bag, given the chance. England also had colonized Hong Kong but was afraid of losing this major business and financial center to communism, a legitimate fear because that’s eventually what happened. Fortunately they had already created a clone Hong Kong on a tiny island off the tip of Malaysia. That island was called Singapore. In an effort to keep the business integrity that had been in Hong Kong, Chinese business men were brought in. The British eventually began to relinquish many of their colonies and when they finally left Singapore in the mid 1960s, the Chinese business men, who were the superpower that made Singapore the world trading center it was, took control of power.
We will find out how Singapore manage to raises it economic development in such rapid growth aftermath of war and separation.
Since Singapore gained sovereignty in 1965 from Malaysia, its politics has been dominated by the People Action Party. Under the leadership of People Action Party, Singapore has a “distinct political culture: authoritarian, pragmatic, rational and legalistic.” Economic growth and political stability were maintained by the People Action Party’s guidance. Thus, Singapore is corruption- free government where power is gained through skill and performance that attracted investments from other countries (“Introduction to Singapore’s political system”, 2011). Singapore scored the point of 1.33 in the 2009 World Bank’s governance indicators for the factor political stability. The government also opens a number of sectors such as financial services o, telecommunications, power generation, and retail to increase competition and foreign firms (eStandardsForum, February 2010).
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.
Singapore. Is it an island, a city, or a state? Surprisingly, this exotic sounding name applies to all three. The island is a diamond shape. It is a diamond in the sea, sparkling with bright lights at night, and a gem of great value to the world with its important port, and financial center of the world. It is one of the largest in the world. It is necessary for Senior Enlisted Leaders (SEL) to understand the importance of economics and the military strategic for the United States military because Singapore plays a major part of east politically and economically and the headquarters of the Commander, Logistics Group Western Pacific (COMLOG WESTPAC) and the Commander, Destroyer Squadron Seven for the United States Navy. This essay discusses the background,
Singapore had exported 200.7% of GDP goods and services in year 2012 and this is equivalent to $435.8 billion. 178.5% of GDP of goods and services has imported to Singapore in year 2012. From these data, Singapore is highly demand on importation and exportation for the economic growth.
A nation’s innovation system is shaped by how the nation leverages its endowments—natural resources, culture, history, geography, and demographics—through policies that create a thriving market-oriented economy and accelerate the transition of new technologies, processes, and services to the market (Branscomb and Auerswald 2002). The aim of this assignment is to evaluate South Korea’s innovation policies, in light of its latest ranking as the second most innovative country in the world.
That said, the advantages of technological change outweigh the associated training costs. Consequently, governments and economists support technological change despite the risks of structural unemployment. How does an economy recover from structural unemployment and what government actions can help facilitate this recovery? Despite the support of government and economists on technological change, the resulting structural unemployment can never be left un-checked. In fact, measures should be put in place to facilitate recovery of this type of unemployment.
Objective history is purely factual and totally uninfluenced by feelings or opinions. By this definition, the Singapore Story is not an objective history.
Ever since the 19th century, Singapore has been a major trading hub in Asia for ships travelling from Europe to Asia, with the opening of the Suez canal in 1869 making Singapore the hub for trading activity due to its strategic location along one of the busiest trade routes in the world.
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