Economy of Singapore

US and Singapore approaches to the unemployment problem are significantly different in culture, institutional, civic and global forces. In culture, Singapore has a superior geographical position. According to the maps of the world, “Singapore is located on the southern tip of the Malay Peninsula in Southeast Asia, between the Indian Ocean and the South China Sea.” because of the convent location. Singapore has many ports. Singapore is the use of this special

There were two major happenings that temporarily effected Singapore’s economy between 2001 and 2003—the worldwide electronics slump and the outbreak of Severe Acute Respiratory Syndrome (SARS). Both times, growth bounced back, by world demand for electronics, pharmaceuticals, other manufactured goods, and financial services. The return was mostly contributed to by the economies of its major trading partners—the United States, the European Union, Japan, and China, as well as expanding emerging markets such as India (Bureau of East Asian and Pacific Affairs, 2010). The next

2015 marks the 50th anniversary of Singaporean independence in 1965. Then, Singapore was just another colony to break away from the dying embers of the British Empire, many of its people destitute and impoverished. Today, in only half a century, Singapore has become one of safest nations in the world, an Asian Tiger with a booming economy. This is due to the hard work and genius of the nation’s father and first Prime Minister, Lee Kuan Yew. Under his reforms, the economy flourished and the people were content. Although Lee’s government refused to relinquish control and were often aggressive, their smart legislation and benevolent rule was responsible for the growth of the nation. The key to Singapore’s development lay in the combination of

China has achieved brisk economic growth since late 1970’s, with an average annual growth rate of 9.8% over the past 27 years. Such economic growth owes not only to economic reform began at the end of 1978, when the third session of the Central Committee of the 11th National Congress of Chinese Communist Party was held and later regarded as a landmark in the existing Chinese history, but also to administrative reform accompanying with economic reform.

South Korea’s history, strategic location, and political relations in the past and today, have created an economy which is one of the strongest in Southeast Asia. “According to the World Bank, in the last 30 years, South Korea’s economy is one of the most outstanding success stories in international development.” (Globaled, p.1). Dating from the Japanese occupation of South Korea , from 1910 thru 1946, then the division of the peninsula enforced by the United States of America and the Union of Soviet Socialist Republics after Japan’s unconditional surrender during WWII; the Republic of Korea (ROK) had gone throughout drastic changes in its social, economic, and political structure, but in the 1960s, under the regime

China, a socialist country in East Asia, is the world 's most crowded nation. Its unfathomable scene includes field, desert, mountain ranges, lakes, waterways and 14,500km of coastline. Beijing, the capital, blends cutting edge building design with memorable destinations including sprawling Tiananmen Square. Its biggest city, Shanghai, is a high rise studded worldwide budgetary focus. The famous Great Wall of China fortress runs east-west the nation over north. It practices purview more than 22 territories, five self-ruling locales, four direct-controlled regions (Beijing, Tianjin, Shanghai and Chongqing), and two generally self-representing exceptional managerial regions(Hong Kong and Macau); while asserting power over Taiwan. Covering around 9.6 million square kilometers, China is the world 's second-biggest nation via land region and either the third or fourth-biggest by aggregate region, contingent upon the system for measurement.. China 's coastline along the Pacific Ocean is 14,500 kilometers (9,000 mi) long, and is limited by the Bohai, Yellow, East and South China Seas. China had the biggest and most complex economy on the planet for a large portion of the previous two thousand years, amid which it has seen cycles of flourishing and decrease. Since the presentation of financial changes in 1978, China has ended up one of the world 's fastest-developing real economies. Starting 2014, it is the world 's second-biggest economy by ostensible

Globally, Singapore is a leader in several economic sectors, including being third largest foreign exchange center, third leading financial center, and second largest casino gambling market, third largest

Singapore is promoting itself as a medical tourism hub: about 200,000 foreigners seek medical care there each year, and Singapore medical services aim to serve one million foreign patients annually by 2012 and generate USD 3 billion in revenue  Education Sector : Singapore is an education hub, and many foreign students study in Singapore. Singapore hosted over 80,000 international students in 2006. 20% of all students in Singaporean universities were international students. The students were mainly from ASEAN, China and India. Singapore also possesses the world 's tenth largest foreign reserves. The currency of Singapore is the Singapore dollar. The Singaporean economy depends heavily on exports and refining imported goods, especially in manufacturing,which constituted 27.2% of GDP in 2010. Singapore has the world 's highest percentage of millionaire households, with 15.5 percent of all households owning at least one million US dollars.

Have you ever seen a country that exceeds mass production needs? Singapore is the true definition of that scenario. It has been one of Southeast Asia 's most modern cities for over a century. It is sited at the end of the Malayan Peninsula amongst Malaysia and Indonesia. The city mixes Malay, Chinese, Arab, Indian and English societies and religions. The religions in Singapore is Buddhism, Islam, Hinduism, and Christianity. A full calendar year of conventional celebrations and occasions celebrated throughout the year. The nation incorporates the island of Singapore and 58 or so smaller islands. The overall populace is just 5,784,538 individuals that lives in

Economically, Singapore has a very unreachable and unbelievable status. Unreachable because it has a highly developed market-based economy. It is one of the major traders in the world. Their GDP are largely based on their exports. Because of its low tax rates, work force, and business-friendly environment, and its being a free-market economy, Singapore has attracted many foreign investors. Thus, leading it to be one of the very prosperous country in the world. It is also unbelievable because for a country that is so small, all of these were made possible.

Some of the challenges that it faced was; A small island with no natural resources, high unemployment rates, more ports near Singapore were developed and Singapore faced stiff completion from them, there were insufficient government schools to take in all children of school-going age, poor housing conditions as there were many overcrowded and unhygienic squatters, the population had a low proficiency in English, etc. The government focused on economic growth to ensure the survival of the country.

The Asian tigers are four countries named Hong Kong, Singapore, South Korea and Taiwan. These states were highly developed countries. These countries were the first states that shifted to industrialization. All the four Asian tigers have a lot of people who are very educated and are perfect in undertaking their tasks. These countries developed and implemented different policies and this result in economic prosperity and tried to do them than any other state. For instance, Hong Kong and Singapore became the masters of international finance while South Korea became perfect in information technology. The four Asian tigers had maintained high economic growth since 1960, fuelled by export to developed countries and rapid industrialization, which enabled these economies to join the ranks of world’s richest nations.

Agriculture is definitely not one of Singapore’s main economic activities; nevertheless, its main work is in the service sector. Out of 3,102,500 jobs, 2,151,400 belong to that field. Singapore’s unemployment rate is only 2%. Something remarkable for such a small island is that around 7,000 multinational companies from the United States, Japan and Europe, and around 1,500 from China and another 1,500 from India, in

Indeed, the growth strategies pursued by firms determines their future expansion and the ability to utilize growth opportunities. Also, countries are seeking unique strategies to encourage their economic growth and foster a high level of investments. As newly industrialized regions, Hong Kong and Singapore provide potential markets due to macro-economic strategies that foster a high level of growth of firms. Hong Kong and Singapore have shifted from the traditionally agriculture based economy to more industrialized regions to match those of the western countries. The regions are still growing owing to numerous market adjustments that attract investors from across the world. The World Bank has become an important source of technical and financial resources that have enabled Hong Kong and Singapore to build adequate capacity for development, share knowledge and facilitate partnership with players in the public and private sectors. In this analysis, the focus will be examining the methods that have been used to encourage economic growth for a typical firm in Hong Kong and Singapore. Also, the analysis will recommend the growth strategies for the typical firm in Hong Kong and Singapore.

In a recent article by Channel News Asia dated 13 July 2012, it was reported that Singapore 's GDP contracted by 1.1% on a Quarter-on-Quarter seasonally-adjusted annualized basis, compared to the 9.4% expansion in the preceding quarter. The weakened growth momentum in Q2 was mainly due to a sequential contraction in the manufacturing sector. The sector declined by 6.0% reversing the 20.9% expansion in the preceding quarter. Annex A