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Singapore's economic strengths and weaknesses
Singapore rapid economic development
The economy of Singapore
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From a poor and small island with few natural resources to a prosperous and developed nation, Singapore has spent fifty years developing every aspect to become a successful nation since its independence in 1965. The government has made policies to develop economy, formed army to ensure the security of the nation, built school for education and also took actions for other aspects. However, among all the factors that contribute to Singapore’s success, the sustained economic growth and the presence of a strong military play a significant role. In my opinion, I agree that the economy and the military are two fundamental factors for the success of a nation and will continue to be the fundamental of Singapore's future success. Without the sustained …show more content…
However, I do not think that they are the only two fundamental factors, because education is also an important factor that will influence the future success of Singapore nation. Economy is one of the fundamental factors of the success of Singapore. It is obvious that economy can benefit people’s life, but the reason why Singapore government needs to pay more attention to economy is not only because of this. Since the growing of economy is a symbol of the quality of people’s life (Noel, 2012), the successful economic development can satisfy Singaporeans’ housing demand to a large extent, and it can also provide an adequately strong economic position for the Singapore government to undertake various financial development projects (Yuen, 2008). Moreover, Singapore is a newborn country with a number of vulnerabilities in the third world at the moment of independence, it is necessary to develop economy first to get out of this condition. Consequently, the more developed the economy is, the stronger the nation would be on the international stage, thus the better …show more content…
This is because education can produce highly educated talents, which is also called human capital, and without these talents, a nation cannot be innovative and progressive, and also would not have rapid development. Moreover, education, as the motive power of human capital, is also a primal factor to the growing of economy. If the workers in a factory have not received education, they would just be able to some simple or basic works, thus there might be few or even no person to do the jobs that need to come up with new plans or projects, which means that it is difficult for the faculty to get huge profits. While economy is in tight relationship with education, it cannot be ignored that education is also important to other aspects like socialization and especially in the Singapore identity development (Goh and Gopinathan, 2006). Consequently, the government needs to pay attention to education in order for better development in long term. At the moment of Singapore's independence, the education system was also not completed, thus there were also only a small number of higher skilled workers. Then the government began to make it compulsory that all the children must receive minimal ten years education (OECD, 2010), and along with some other policies, which indeed makes sense. In 2007, Singapore’s students were among the top students in mathematics and science
In order to break through the status quo of poverty for generations, there needs to be more efficiency on education. In our current society, establishments would rather hire someone who well qualified with college degree rather than just a high school education. For our modern day survival we need education because it will give up opportunities and help we need to become successful. The higher a person educational degree the more invested opportunity to move up in the ranks in our
Both authors want what is best for society overall, which in their views are individuals that are “socially well-adjusted and educated citizens who are industrious…[and] benefit society” (Ray par. 1) by creating a stronger work force. This issue is not only important for each student’s future, but over time it has become a focus of parents as they try to ensure the absolute best education for their child. As Cox found, “an increasing number of parents are recognizing the battle that is waged for their children’s hearts and minds” (Cox p. 34) and it is important that their children are equipped with the best hearts and minds so they can effectively function in society. Both of the authors for these articles acquired advanced education which may explain their bias toward the importance of education. However, evidence shows that education is one of the factors responsible for the success of a nation. Workers, who after graduation are able to “enter the working world equipped with the same basic education,” have a step up from those who were not able to fulfill those educational standards. While society says that it values education, it is apparent that actions are not being seriously taken by the educated population to effectively keep public education as a focus in policy holder’s hands.
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,
There are many jobs out there in the world that have minimum educational requirements, without meeting those requirements one might not get the job they were hoping for. Since technology plays a huge role in almost every work place, education is important so that way one can understand how to read and use the technology at the certain workplace. The longer one is in school the better the writer, reader, and communicator they will be which will make someone a stronger candidate for a certain position. Also, once someone has found a job they can continue the benefits of education and be eligible for more prestigious job positions that are higher paying. Back then there were not as many technological advancements so the amount of jobs available back then were not as high as the amount available in today’s world. Jobs back then did not require an education so people were not motivated to go out and get one, today if someone did not have an education they most likely would not have a
First of all, let’s talk about education and how it is so important to all people. “Education is the most powerful weapon which you can use to change the world” Nelson Mandela. I believe with knowledge, you have the key to absolute power over any things on this earth. Education is so important because it gives people not only knowledge, but wisdom also. Without it, we will behave like animals, acting on our common sense. Education helps us to determine what is right or wrong. It helps shape the world around us. It is not something complex, but it is life itself. And if you seek for it, you will find.
Education is the process of learning and acquiring knowledge at school from a teacher, receiving knowledge at home from a parent, a family member, and even friend. Education is a key that allows people to move up in the world, seek better jobs, and succeed in life. Education is one factor that affects job positions people hold, advance in their further career, the income they make, and the title they hold. The more educated a person is, the more prestige and power that person holds. Education improves the quality of life, reduces ignorance, and exposes frontiers and opportunities not previously handled. Education also focuses on the values, attitudes and behaviors that enable individuals to learn to live together in a world characterized by diversity and pluralism. Countries with a higher educated population will undoubtedly succeed in their economy, welfare, and trade, etc. China has the world’s largest education system. Many people in today’s generation believe that the world’s most intelligent individuals reside in China. With its growing population competition within China and internationally has become very apparent. Chinese children aged 6 through 15 are required to attend school. China’s education proves to be the strongest system in the world, not only in modern day, but also in the past. The education system of China unmistakably varies in comparison with the United States.
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 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
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
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,
They understand that in future these students will serve as teachers, architects, scientists, entrepreneurs which will contribute in countries economy. Thatswhy, the government of these countries are investing a lot in the field of education. Education plays a huge role in countries economic growth. Only free universal higher education could eradicate economic slavery. If the average number of people attending higher education increase then countries economy will also increase.
In conclusion, it is my belief that there is a bright future for Singapore and every other country that allows the freedom of choice for their people. After all it is the people that make a nation, not the governing-few. The governing-few work for us, we do not work for them. And in reality, that is not only true for countries, but states, cities, companies, and industries.
With the global economy relying more than ever on brainpower and innovation rather than raw materials and manual labour as generators of wealth, a good education has become the key factor determining who will succeed and who will be left behind.
Education is considered to be one of the most is important thing in our life. we can say that education is the knowledge or the skill that can be taken . Education can teach us as individuals or communities the good things and the bad , it can help us to have a good choice for our future based on our strengths or weakness ( in high school you can gain these skills ) and direct us to our role in society . Some countries do not have good standards in education , resulting in a society having aimless lives. Some of them find themselves as criminals or useless people so they did not feel their role to improve their countries and most of them do not take their responsibilities toward their children, which make the children consider as negative citizens.
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