If I was the consultant of Singapore, the economy would continue to grow fast as the country will keep its focus on Technology, Communications and Media as Subsistence. The Republic of Singapore is the second-smallest country in Asia and consists of Singapore Island and several smaller islands off the southern tip of the Malay Peninsula. Singapore’s geographic location gives it strategic importance in the region. It is mostly low lying and hilly, with sections of rain forest, and mangrove groves. The tropical climate is characterized by heavy rainfall and high humidity. Average winter temperatures are 75°F and average summer temperatures are 88°F. The nation’s 4.6 million people are 77% Chinese, 14% Malay, and 8% Indian. They are 42.5% Buddhist, 14.9% Muslim, 8.5% Taoist, and 15% Christian. Roman Catholics represent the largest Christian denomination, claiming about 5% of the population. Singapore’s three official languages include Mandarin, English, and Tamil. While Mandarin is the most widely spoken (35%), English is used by the government and taught in schools. Malay, spoken by 14% of the population, is the national language. The entire population lives in urban areas, as the nation is virtually a city-state. The infant mortality rate was ranked as the lowest in the world in 2009. The average life expectancy of nearly 82 years is one of the highest in the world.
Singapore has a highly developed and successful free market economy thanks to its strategic location on the trade routes and to its industrious population. It is one of the world’s most prosperous economies, with strong international trading links. It is also one of the busiest ports in the world. Its per capita gross domestic product (GDP) is equal to that of major ...
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...nomy's strong first-quarter performance, we have revised up our GDP growth forecast for 2011 to 5.5%, from 4.7% previously. The economy is expected to move on to a more stable growth path during the remainder of the forecast period, with real GDP set to grow by an average of 4.7% a year in 2012-15.
References
Ghesquiere, Henri (2010) “Singapore's Success: Engineering Economic Growth”, Cengage Learning.
Gregory, Paul R. (2010) “Comparative Economic Systems”. Boston: Houghton Mifflin Co.
http://www.gov.sg/government/web/content/govsg/classic/home
Losh, S. (2011). Group behavior in organizations. San Diego: Bridgepoint Education, Inc.
Singapore Stats, Retrieved 4/7/2014 from: http://www.singstat.gov.sg/
Wood, John H. (2009) "Monetary Policy in a Small Open Economy: The Case of Singapore." Economic Review Second Quarter 2009: 25-36.
http://wordpress.com/
Reserve Bank of Australia (2010). Minutes of the monetary policy meeting of the board – 3 August 2010. Retrieved August 20, 2010, from http://www.rba.gov.au/monetary-policy/rba-board-minutes/2010/03082010.html.
State of the Economy is apart from the geopolitical and other uncertainties; the forces affecting demand this year appear, on balance, conducive to a moderate strengthening of the economic expansion.
In the study of macroeconomics there are several sub factors that affect the economy either favorably or adversely. One dynamic of macroeconomics is monetary policy. Monetary policy consists of deliberate changes in the money supply to influence interest rates and thus the level of spending in the economy. “The goal of a monetary policy is to achieve and maintain price level stability, full employment and economic growth.” (McConnell & Brue, 2004).
This essay seeks to explain what are monetary and fiscal policy and their roles and contribution to the economy. This includes the role of the government in regulating the economical performance of a country. It also explains the different features and tools of monetary and fiscal policy and their performance when applied to the third world countries with a huge informal sector.
Loungani, Prakash, and Nathan Sheets. "Central bank independence, inflation, and growth in transition economies." Journal of Money, Credit, and Banking (1997): 381-399.
The term Monetary policy refers to the method through which a country’s monetary authority, such as the Federal Reserve or the Bank of England control money supply for the aim of promoting economic stability and growth and is primarily achieved by the targeting of various interest rates. Monetary policy may be either contractionary or expansionary whereby a contractionary policy reduces the money supply, reduces the rate at which money is supplied or sets about an increase in interest rates. Expansionary policies on the other hand increase the supply of money or lower the interest rates. Interest rates may also be referred to as tight if their aim is to reduce inflation; neutral, if their aim is neither inflation reduction nor growth stimulation; or, accommodative, if aimed at stimulating growth. Monetary policies have a great impact on the economic stability of a country and if not well formulated, may lead to economic calamities (Reinhart & Rogoff, 2013). The current monetary policy of the United States Federal Reserve while being accommodative and expansionary so as to stimulate growth after the 2008 recession, will lead to an economic pitfall if maintained in its current state. This paper will examine this current policy, its strengths and weaknesses as well as recommendations that will ensure economic stability.
Singapore as a country has had various transformations throughout its history, however the period 1950 and 1970 was quite critical. Much of these changes had a lot to do with the development of trade and manufacturing. This is without forgetting the financial sector where the intention was to come up with a financial hub that could be used in economic development. Looking at the case of Singapore, we would say that it is a productive economy with a very high market competition. This observation has been further clarified by the Swiss International Institute for Management Development, going with their report that they released in the year 2001 (Chellaraj & Mattoo, 2009). In this study, we intend to evaluate the case of political economy of development in Singapore and examine the tensions between the state and various economic institutions. In additions to examining this institution, we would also like to examine how these variables have contributed towards the attainment of favorable growth rates and economic prosperity.
Comparative advantage means that an industry, firm, country or individual are able to produce goods and services at a lower opportunity cost than others which are also producing the same goods and services. Also, in order to be profitable, the number in exports must be higher than the number in import. From the diagram we seen above, Singapore is seen to have a comparative advantage in some services. The services are Transport, Financial, business management, maintenance & Repair and Advertising & Market Research, etc. These export services to other countries improve the balance of payment. On the other side, Singapore is seen to have a comparative disadvantage in some services. The services are Travel, Telecommunications, Computer & Information,
Confederation College can also train the people but that will include a lot of cost initially and it will be better to match Singaporean HR style with the existing HR style over time and slowly. Social and cultural factors Crime rate Singapore has the second lowest murder rate in the world. The security of personal belongings while traveling, the rate of snatching and pick pocketing is reducing every year in Singapore. According to a report by BBC in 2011, for 80 days there was no record of pick pocketing and snatching in Singapore (BBC, 2013).
Impact of monetary policy on the economy a regional Fed perspective on inflation, unemployment, and QE3 : Hearing before the Subcommittee on Domestic Monetary Policy and Technology of the Committee on Financial Services, U.S. House of Representatives, One. (2011). Washington: U.S. G.P.O.
Smaghi, L. (2009, Aprl 28). Conventional And Unconventional Monetary Policy. Speech at the International Centre for Monetary and Banking Studies (ICMB), Geneva. Retrieved from http://www.bis.org/review/r090429e.pdf
Using Singapore to debate has an interesting point of view. After it separation from Malaysia at 9 of August 1965. The nation became an independent state. Singapore was on her own, a tiny island lack of natural resource such as oil and rubber plantation, and on the other hand Singapore own a strategic harbour location.
Moreover, the free market system in Singapore has a failure in missing market. For an example, private sectors in Singapore cannot supply pure public goods and services that are needed by consumers due to the profit. Hence, government intervention is important in this issue to protect the consumers’ right with enough needs and wants to carry on their daily
An Analysis of Gross Domestic Product (GDP). The current state of the economy in the United States has been slow in recent months. While the economy is not currently in recession, we may eventually fall victim to the first recession we’ve had in nearly ten years. The economy in general is showing growth, just not much.
In addition, after the 2011 Singapore general election, the government of Singapore has greatly changed its economic approach and it seems to be better for the economy of Singapore so far. On the other hand, measures have also been taken to cool down the property market which has constantly affected inflation rates, also tightened the foreign labour policies that constantly influence the labour market and unfold its impacts onto the Singapore’s economy as it comes back in one round. The unemployment rate in Singapore has been maintaining itself as being one of the lowest numbers in the world. The majority of Singapore’s labour force is well educated and highly skilled. Even primary education is a must for all citizens (Economywatch.com, 2010). In addition, for the year 2010, Singapore had the 8th largest current account balance in the world at US$49.454 billion. To conclude, Singapore has come so far from its sunken economy since independence in 1965 to become a booming and prosperous economy that it is