Economic Growth And The On Building A World Class Education System

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

On a production possibilities curve, the opportunity cost of good X, in terms of good Y, is represented by the:

A nation can import the resource from another nation however this will only increase output till that runs out. Therefore, growth is limited by the fact that the finite resources of Earth are not limitless.

First of all, economic growth is one of the macroeconomic objectives that the government wants to achieve as a primary goal and it happens when there is a rise in the enlarged product of population and per capita consumption. According to Hoover (2011), economic growth is the total material output of good values and service values in the market, measured by Gross Domestic Product (GDP) in a specific period of time. The growth of GDP is measured by excluding intermediate consumptions (production and resale), purely financial transactions and second-hand sales, which prevents double counting. To obtain an accurate value of economic growth, GDP needs to include the total output of expenditures and incomes.

Another desirable effect of economic growth is increased tax revenue, the government receives more money from tax payers with out having to increase tax rates. If people are earning more, the more money they will pay in tax, the more money companies make the more tax they must pay to the government. The more money the government gains in tax revenue the more they can do to improve the country, they can invest in transport and infrastructure, they can make improvements to health care and they may even need to employ more people further reducing unemployment.

When a nation experiences a long-term economic growth, people have a positive attitude. There are opportunities for new jobs, new technology, and open doors for more capital for investment. The result of growth increases demand, supply, aiding the production of goods and services boosting consumers’ confidence. Economists believe the right type of growth that is stable and controllable is the best.

economic growth enables a society become more open, tolerant, and politically democratic, the societies are, in turn, more able to attract enterprise and creativity and therefore can

Qatar is a small country with a steadily increase in the population rate, from 676,000 thousand in 2000 to 1.5 million in 2010, which shows an escalation by more than one million over a period of ten years (QSA , 2011). The cause of change in the population percentage lies on the elevated standard of living, which includes average wages Hukoomi (2014), health care and world class education system. Their wealth led to driving infrastructure investments and nation-building projects, which require workers support from around the globe (Harkness & Khaled, 2014). However, despite this rapid socioeconomic development within a short period of time, Qatar is trying to preserve and maintain their cultural essence and inherited position.

In October 1997, with the impact of the Asian financial crisis, most of the Asian countries’ economic were malaise (Sharma, 2003), even China. In 1998, the Chinese government implemented a series of policies to promote economic growth, and led China into a golden stage of the economic growth ( ). Therefore, the study of this period of successful economic policy is particularly necessary. This essay will lay out the successful policies of China in this period from four different aspects at first. Then, I will analyze and evaluate the success of the policy in each period. Finally, I will summarize the success of these policies.

5. What are the factors of production? How can economies grow when one or more of the factors is weak?

This system was created to minimize dropout and produce technical skill labour to reach it new economic goals. Singapore next economic phase needed more technical workers, foreign investor was looking for technological base such as computer parts, silicon, etc. the government heavily invested in ITE that was built to produce technical skill labour to meet the market demand.

Singapore is a very competitive country with regards to its economy. It is an ideal place to start a business as it has risen its rank from number seven to number six on doing business according to the World Bank (2017). Although this country is highly competitive, the economic situation of Singapore is being affected as it is dependent on exports. Because of recent changes in the global economy, Singapore faces weak global exportation demands, contributing to Singapore’s economic situation is the restructuring of the Chinese economy as their economy has since slowed down. even so, the government is expected to remain stable for 2017 as the government has developed plans that focuses on the investments of certain sectors of the economy. The population of Singapore is steadily rising with an estimated two hundred sixty-one million people in 2016 (The World Bank, 2017).

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of

As mentioned by Neo Chian, the education sector has excellent growth prospects and can become a key contributor to our economy. In order to be a premier education hub in the region, the government has poured in millions of dollars to provide quality education for the locals as well as attracting foreigners to be educated here. While the development of Singapore into an education hub is seen as a major economic opportunity, Singapore also targets to be a tourism hub by 2015. Other factors contributing to the success to the economy growth includes the export-oriented economic policy framework, combined with state-directed investments in strategic

In terms acceleration of economic growth is based on the measurement of GDP, MALAYSIA HAS recorded a growth of 5.1% last year. Although it is lower than 7.2% in 2010, but it was so roaring in the context of a difficult global economic environment and uncertainty. In contrast, global economic growth has dropped from 5.2% in 2010 to 3.8% in 2011 while the economy of the developed countries like USA, Germany, UK, France and Japan also recorded weak growth of respectively 1.5%, 2.7%, 1.1 %, 1.7% and -0.5% in the same year; far lower than Malaysia's achievements. Following a satisfactory GDP growth was assisted by the Federal government revenue increased by RM13.2 billion in 2011 through increased collection of IRB estimate of RM109.7 billion compared with RM96.5 billion the government has managed to reduce its fiscal deficit to 5.0% compared projection of 5.4%. This means that the GOVERNMENT has successfully steered the nation's economy as well as the control and management of public funds wisely in the past 3 years in a row when managed to bring down the fiscal deficit from 7.0% in 2009 to 5.6% (2010) and 5.0% in the past year in a expanding economy.