The Growing Economy of Singapore

Both the Australia and Singapore rely heavily on international trade and exports. Australia injects approximately $258 billion dollars into their economy each year on exports, specifically in mining. Singapore injects approximately $436 billion dollars into their economy each year on exports, specifically in electronics, technology and

The Fall of Singapore to the Japanese happened on the 15th February 1942 and is thought to be one of the greatest defeats in the entire history of the British Army and most likely Britain's worst defeat in all of World War 2. Singapore was considered to be a major part of the British Empire and it was thought to be as strong as a fortress. Improvement's to Singapore as a British military base had only been completed in 1938, a mere 4 years before the fall of Singapore.

Ministry of Manpower (MOM) recently shared that Singapore's employment rate has decreased rapidly last year (govsingapore, 2016). Last year, there is only 100 job increment and that is the lowest in the last 17 years. (govsingapore, 2016). With difficulties in making up the quantity of jobs available in Singapore, the government decided to introduce SkillsFuture to improve the quality of jobs (govsingapore, 2016). It gives Singaporeans a chance to explore their dreams or pick up additional skills set from young to old (Yang, 2016). This campaign changes the future economy and individuals in Singapore.

Concerning their merchandise trade, the country is doing well in manufacturing, but in that same respect exports and imports are very low and this may be contributing to their negotiating skills at the WTO. The country’s share of the world’s exports and imports are far below that of the industry’s trade leaders, therefore at Singapore’s contribution to the WTO’s budget is 2% as of 2015. With their commercial services trade it’s the same scenario as with merchandise trade, there is very little activity in exports and imports affairs, but this may be due to Singapore’s geographical location which may limit property available for industrial use. Overall, there is an opportunity for growth in Singapore if they do a better job of negating their current trade policies and increase their tariff binding coverage. Efficiency is the key for Singapore with its limited resources.

level of economic development : Singapore have highly attractive to investment climate because one of the factor is so important that is Singapore has stable political environment

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

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

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)

After gaining political independence from Malaysia in 1965, Singapore experienced a phase of rapid industrialization based on export-oriented manufacturing by foreign MNCs. The approach was to offer MNCs favourable conditions to locate in Singapore, with a view to increase overall skills and technological capabilities. Singapore sought to build its science and technology resources through the transfer of manufacturing technologies embedded in MNCs and foreign direct investments (FDI). The local skill base was also developed through “learning by using” techniques among workers and technicians employed by these foreign MNCs. Thus Singapore followed a dependent

This will boost the economy of Singapore as when more companies are willing to invest in Singapore, especially due to our strengths like competitive workforce and strategic location, it will result in greater influx of capital. It will also result in a creation of jobs for the people, boosting employment rate and generating revenue for both the country and the individual. Take for instance, the chip used in the latest PlayStation3 and Xbox. A French semiconductor company, Soitec, is investing $700 million to set up in Singapore its first offshore facility to make the wafer for this chip. The wafers involve alternating layers of silicon and insulator, unlike conventional wafers which use silicon throughout. Soitec is coming here because its technology has to be well-protected, and we are the only country in Asia that they trust well enough to set up their first manufacturing campus outside of France. Thus, positive development is a sure thing with globalization. Furthermore, since in the modern day context, money is a key indicator of happiness, thus, Singapore’s development can be mirrored by the happiness of the people with their monetary needs fulfilled.

Singapore is an island that lies just off the southern tip of the Malay Peninsula between the South China Sea and the Indian Ocean. Its strategic location on major sea lanes has provided the country with an economic importance in Southeast Asia. Singapore is often considered as a base for global enterprises looking to expand into Asia and Asian enterprises looking for global connectivity. Located at the heart of Asia, Singapore is sitting at the centre of business opportunities. Having the four key attributes - Trust, Knowledge, Connected and Life, Singapore is being positioned as an ideal city to Work, Live and Play. Singapore was ranked first in Mercer’s Quality of Living Survey 2009.

The Singapore economy had proved its resilience during the worst post-war recession and experience exceptionally high economic growth during the 42 years since its independence. For the period 1966-1973, the economy expanded consistently at a double-digit growth rate in real terms (Kum Poh, 1982, p.1). Gross Domestic Product (GDP) at constant prices continues to rise at an annual rate of 8 percent till 2005. With population growth at 2.1 percent, per capita GDP increased by 5.8 percent on average each year (Gesquiere, 2007, p. 12).

Announced by BBC News, Singapore is ranked at the top as the “Easiest Country to Start a Business” and “World’s Top 20 Most Globalized Nations". One of the main reasons is because of Singapore’s strategic location is at the heart of ASEAN (Association of South East Asian Nations). This enables the business to be access up to 8 billion people within a seven-hour flight radius.

When employment rate is high, the wages of the worker increases then leads to a rise in price for consumer good which causes inflation to increases hence the employment rate has an inverse relationship to inflation. Singapore has been trying to balance between the inflation and unemployment rate because when there is a high volatile fluctuation between the employment rate and inflation, the business cycle span reduces making the economy vulnerable to recession most of the time. Low and stable inflation is a key factor in long term sustainable growth which will lead to a steady, healthy and predictable economy hence attracting foreign investors into singapore to set up business to boost the economy by allowing them to plan for long term strategy.