The Singapore Economy And The Economy Of Singapore's Economy

After the separation from Malaysia, Singapore faced the challenge of economy as it has to create the economy opportunities out of the limited natural resources. With the circumstance arose due to the geography, demography and economic condition, the Singapore’s government had introduced several policies, which is to help for building the Singapore’s economy. The different economy policies will always change the level of dependency on the neighbor country as well as the international economy condition. In this essay, we will seek to examine the dependency of Singapore’s economy on neighbor country as well as the international economic condition during different period of time. Then, I will be arguing that Singapore economy had transformed from

Globalization is powered by rapid technological advances, has redefined the competitive framework of nations. In the new economic era, national wealth is increasingly determined by discovery and application of new and marketable ideas. The transition to a knowledge-based economy (KBE) shifts the emphasis of value away from production toward innovation and creativity. For Singapore and Singaporeans, the faster the Singapore economy changed, the harder it was for the citizens to be confident of their skills and employability. In short, the new economy carried a steep price: more frenzied lives; less security; more economic and social stratification; and the loss of time and energy for family, friendships, community, and self. These trends required Singapore’s education system and structure to be redefined and realigned to meet the challenges of the new century. Stakeholders, especially the parents and the community at large, became actively engaged. Singapore and its education system entered into an ability-driven phase to meet the demands of the KBE.

However, it is also impossible for Singapore to not dependent on the neighbor countries. Singapore have the ability to attract both high and low end manufacturing investment. However, due to the space constraint, the government can only keep those high end manufacturing investments within the country, where the low end manufacturing investment is being passed towards the neighbouring countries in order to have a complete manufacturing process cycle. Moreover, many MNEs also use Singapore as a base to launch investment in neighbouring countries (Chellaraj and Mattoo,