Singapore's Globalized And Diversified Economy

Singapore: It has growing affinity for Western-products. The per capita GDP of US$28,100 and is 5th wealthiest in the world. It has 100% urbanization rate with third most expensive Asian country to live in. The existence of rival Morton's Steakhouse and its ability to survive there shows that the consumers have the liking toward this concept.

Singapore’s political is orderly and stable. It is also the top 3 in the world free from corruptions. It is also cited from sources that Singapore is the world’s easiest place to do business and also the best business environment in Asia Pacific and the world.

India’s domestic business has seen high levels of corruption; more commonly the fraudulent behaviours and bribery of government officials and civil servants. This creates an unlevel playing field between domestic business and foreign business. Evidently this seemingly small issue of corruption could potentially tarnish India’s position as favoured destination of foreign investment (Mendiolaza, 2012).

One of our major objectives was targeting potential market in Asia and economic analysis has shown us that Singapore is the best country with high-income economy. The pharmaceutical and petroleum

It is also easy for many other companies to set up headquarter in Singapore as their starting point in Asia to make it possible to reach to its market point. In addition, Singapore is unique in different lifestyles and culture. It is also known for its capability of attracting sizable foreign investment, pro-business environment and entrepreneurs. Singapore focuses more on a knowledge based economy which can be seen in its education sysem. Furthermore, Singapore is located in the heart of Asia and it plays an important role in international

My research will be based on Political, Economic, and Social Organization of Singapore—an industrialist city-state.  Even though Singapore 's history dates from the 11th century, the island was little known to the West until the 19th century. Singapore is one of the World 's largest ports, because the city of Singapore has become a major port, with trade exceeding that of Malaya 's, Malacca and Penang combined. The opening of the Suez Canal in 1869 and the advent of steamships launched an era of prosperity for Singapore as transit trade expanded throughout Southeast Asia (Bureau of East Asian and Pacific Affairs, 2010). Singapore is a very

It would be convenient to start this research paper by stating that corruption is a challenge mainly for businesses in developing countries and that it is unrelated to the current affliction of the economy in the United States. It would also be convenient to claim corruption has declined in America as a result of awareness raising campaigns and the numerous anti-corruption laws. But none of those aforementioned statements would be true. Corruption is not the exception, but rather the rule in today’s business practices. In 2004, Daniel Kaufmann, a senior fellow at Brookings Institution and former director at the World Bank, calculated an index of "legally corrupt" manifestations which is defined as the extent of undue influence

Singapore has a highly developed market which has historically revolved around extensive exports trade, in other words an export driven economy hugely dependant on export of goods to other countries.

With foreign manufacturing industry entering Singapore market the manufacturing sector and its share in GDP grew from 16.6% in 1965 to nearly 30 % in 1980 and in 1993 manufacturing contributed to about 28 % of the total GDP and accounted for nearly 28% of employment. Singapore’s GDP raise to 13 times between 1960 and 1999. The nation has shown greatly decrease of figure of poverty. (United Nations 2000)

“A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.” These are the wise words of Kofi Annan, former Secretary-General of the United Nations. Thus, there are a set of tangible criteria to help determine the development of a country, of which economic criteria tend to dominate, with indicators such as the Gross Domestic Product (GDP) as well as other social and security needs of the people, with the recent Human Development Index (HDI) which measures overall well-being of the people. So, with the recent phenomenon of globalization becoming ever more widespread in our society today, there is no doubt that it has impacts, both positive and negative, on the development of Singapore as

International manager Mathew Barlow is quoted in reference to expansion of operation to Singapore that, "Singapore is a great export location for us at the moment

The Republic of Singapore celebrated its 42 years of independence in year 2007. Situated at the southern tip of Malaysia, Singapore currently holds a population of 4.68 million as of June 2007. At 704.0km2, it is ranked 4th in the world for its population density. During the past four decades, the economy as measured by real Gross Domestic Product (GDP), multiplied by over 20 times (Ghesquiere, 2007, p.11). As a small and extremely open economy, Singapore long term survival is very much dependent on the ability to maintain its viable position and remain afloat in the sea of global competition (Mun Heng et al, 1998, p.14).

Corruption does exist in Malaysia and this may pose a barrier to foreign businesses. In 2015, Malaysia ranked 50th of 167 countries in the Corruption Perceptions Index, conducted

Two of the worlds leading economic countries accounted for more than three fourths of Singapore 's trade in services, while other smaller countries accounted for the remaining one fourth. Due to these foreign investments into the economy, Singapore was able to prosper. The Aegean Islands was the highest percentage of Singapore 's South Eastern Asian trade. As predicted by Stamford Raffles, Singapore succeeded in trade with the Aegean Islands, which made up 74% of Singapore 's overall trade in 1825. Towards the early 19th century, the Singapore economy began to benefit from one of the world leading powers. By the early 1930 's, Singapore had become the principal distributor of Japanese goods in Malaya, Thailand and Dutch East Indies. Elsewhere the increasing financial bond between Singapore and Japan is evident through their early trade and distribution. From the early entrepot trade economy of the British, a trading port where products could be imported, stored and trade, Singapore has continued to restructure itself and diversify with the inclusion of other foreign powers. Singapore’s wide range of foreign powers is what has allowed it to grow financially over seas. With the aid and investment of some of the most economically successful countries in the world, Singapore was able to grow. Singapore 's major trading partners were commercial services that would open possibilities for the future enterprises of Singapore.

The Ministry of Manpower (MOM) has three strategic goals in formulation and implementation of policies to build a globally competitive workforce with optimum workplace and financial security through lifelong employability for Singaporeans (International Labour Office. 2010). The focus of building a productive workforce has been the principle goal of Singapore. This is being transcended through a tripartism framework that has been setup since the independence of the nation.