Singapore is the modern economic success of a country’s ability to transform from a third world nation to become a first world nation. Today, Singapore holds the rank as the world’s highest GDP to trade ratio and also the world’s third largest GDP per capita. Added to the fact that it only takes less than 60 years for Singapore to obtain its status today with little natural resources, the economic success of the nation is truly admirable and sets an good example to the current developing countries. This essay will study how government policy plays an important role towards the economic challenges and development of the nation since its independence. In particular, the success lies on the government’s focus on infrastructure and workforce development as well as the sensibility in laying out policies that are well suited to the nation’s economic condition and environment. As an independent nation, Singapore is faced with various challenges. First, the decolonization from Malaya would mean that entrepot trade is no longer possible between the two countries. The main economic sector for Singapore is trading and commercial activities, as the nation lacks natural resources for production. As a result, infrastructures and manufacturing sector were poorly developed during the British colony. Second, unemployment rate is “rising at over 13 percent while population is still growing rapidly”
(“Singapore Local Economic Development” ). The departure of British troops from
Singapore further worsen the situation, as many locals are hired by British families for odds jobs and provision supply. Based on United Nations Industrial Survey Nation, some
21400 jobs had to be created by 1970 to overcome the issue. At the same time,
Singapore's status as ...
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...g excerpt describes Singapore's reputation to the foreign firms: "It's an investor's dream," said Robert Maxon, manager for a large Mobil Oil corporation refinery here, when asked to explain the industrial rush to the tiny republic. "The government is stable, people work hard, and I can reach the finance minister just by picking up the phone." Factory sites are available and cheap. The government has a tight rein on unions, accounting for its non-inflationary economy. Unskilled labor in Singapore earns 10 to 15
6
cents an hour. And there is plenty of labor to go around. Cost of living in Singapore has risen only 1.5 percent a year over the last eight years.”(Bellows 241) Despite the success among the foreigners, the nation has yet to achieve the same feat with the locals. The general living standard of the labour force is still far from the government’s desire state.
"Top Ten Most Powerful Countries in the World." Maps of World. N.p.. Web. 3 Dec 2013. .
and negative outlook on a powerful state known as “The Capitol” who run the country of Panem.
To be able to see two different countries, one being first-world and one being third-world, is an experience out of this world. To study abroad or to become part of another country's culture gives a person a chance to recognize things that they often looked past before. Someone may realize how every person on this Earth is similar in the way that we all have good in our hearts and welcome others into our homes and hearts. Someone may also realize how every country has a unique culture and despite someone may disagree with aspects of their culture no one can not agree with the fact that each culture is truly outstanding. So what makes a first-world country both similar and different to a third-world
Nevertheless, the Netherlands was the world’s eighth largest exporter of goods and services in 2003. Its workforce numbered 7.5 million, three-quarters of whom worked in the service sector. Per capita gross domestic product (GDP) was €27,900. The unemployment rate was 5.3%. And growth was strongest in the public sector, education and health care.
risen to seventh in the world, and its economy is growing at over nine percent
How can we be sure that this new country will succeed without it’s mother country? This was a tremendous risk, and benefits were almost outweighed by irrational, and possible chattels that could go astray. “Everyone thinks of changing the world, but no one thinks of changing
(Investopedia) According to Mercer cost of living survey, in 2012, Singapore was ranked 6th most expensive country to live in. (InterNations) This all change in 2014 when Singapore broke the record and became the most expensive country to live and has been top in the ranking for 3 years. (Lee Yen Nee) This is so because the cost of housing, transportation and education are the top few expenditure for
Hostility to unions” and “The many things that Unions no longer do.” Several companies around
It has a stable economic system in that it is consistent with human behavior. People understand that there is no such thing as free lunch. You have to work to survive, and only those who do will prosper within the system and make it to the top. People are motivated to work as hard as they possibly can because they know that the harder they work, the more benefits they will be able to reap. As written in On Liberty “These are not questions of liberty.but they are questions of development” (Mill).
Singapore’s education journey can be divided into three broad phases namely the Survival-Driven Education (1959 – 1978), Efficiency-Driven Education (1979 -1996) and the Ability-Based, Aspiration-Driven Education which Singapore has adopted since late 1990s. The education policies have evolved to address the context of the country’s stage of development and the challenges it faces at each point. More recently, we are transiting into a knowledge-based economy to face external challenges such as market volatility, increasing globalisation and rapid technological advancement. As Singapore does not have its own natural resources, it is a necessity to develop the people to their fullest to survive. And as the future becomes more volatile with rapid
Malaysia was a producer of raw materials once upon a time. Malaysia then transformed and emerged into a multi-sector economy. Malaysia had few strategies to add value to the production chain. Those strategies are, for example, attracting investments in Islamic finances, high technology industries, biotechnology and services. Government made a lot of efforts to increase the domestic demands so as to decrease the economy dependence on exports only. Malaysia’s exports include electronics, gas and oil, palm oil and the list just goes on. These exports are the main and significant driver of Malaysian economy. As the oil and gas exporter, Malaysia gain profit from the higher world energy prices. Government of Malaysia is also trying to reduce the dependence on Petronas. Oil and gas industry in Malaysia has contributed 35% to the government revenue in 2011.
...st and stand in the world. It is predicted that China will one day be the largest economy growing country in world. They continually growing and rebalancing their world to be the best. The growth of economy will depend on the Chinese government comprehensive economic reforms that more quickly accelerate in China transition to a free market economy. The consumer demand, rather than exporting the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental. (Morrison, 2014,para2)
How can this be right? In China, workers don’t even make that much already.
more people had lost their jobs for a long time. It is a serious threat to the
The rise in China from a poor, stagnant country to a major economic power within a time span of twenty-eight years is often described by analysts as one of the greatest success stories in these present times. With China receiving an increase in the amount of trade business from many countries around the world, they may soon be a major competitor to surpass the U.S. China became the second largest economy, last year, overtaking Japan which had held that position since 1968 (Gallup). China could become the world’s largest economy in decades.