• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Impacts of globalization on the Singaporean economy

Extracts from this document...

Introduction

Impacts of globalization on the Singaporean economy Singapore consists of the island of Singapore and number of few tiny islands. It is located just north of the equator off the southern tip of Malaysia. Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and one of the highest per capita GDPs in the world. Since 1959, Singapore has been governed by the People's Action Party (P.A.P), and from 1990 up to now, the prime minister has been Lee Kuan Yew. In 1960 to 1992, Singapore has one of the fastest economic growth, and therefore is often referred to by economists as one of Asia's "Four Tigers," along with Hong Kong, South Korea, and Taiwan. In 1994 the GDP was estimated at US$75 billion, or $25,600 per capita, among the highest per capita GDP in the world. Singapore is an economy characterised by a seemingly impossible obedience to free trade and free markets in combination with a dominant government role in macroeconomic management and government control of major factors of production such as land, labour, and capital. ...read more.

Middle

Singapore's gross domestic product (GDP) this year is likely to fall short of the official growth forecast of between 3% and 4%, Senior Minister of State for Trade Tharman Shanmugaratnam said Thursday, he blamed the weakness in the U.S., European and Japanese economies. The Economic Committee released a report on the progress of the Singapore economy and this lists the new guidelines for the future growth, and it sets a very clear objective for Singapore: "By the 1990's, we must aim to become a developed nation. We must aspire to be as good as any developed country in terms of education and skills level, range and sophistication of our economic activities, capital invested per worker and productivity per worker. But Singapore must be developed economy with margin of advantage. WE must offer the opportunity for a higher rate of return, and a more conductive environment for business, than the OECD countries." The reliance on U.S has lead to some problems as Singaporean officials often stated that "A 1 percent drop in the United States economy had a 1.4 percent effect on Singapore's GNP", and the fact that the economy heavily depends on exports. ...read more.

Conclusion

was showed as an economic blueprint to guide Singapore's progress in the next 20 or 30 years. Under the plan, Singapore would be geared towards becoming a centre of high-tech manufacturing industries and an international business center. Envisioning their key goal, "to achieve the economic status of an advanced developed economy". The government hopes to establish a new growth path that will be less vulnerable to the external business cycle than the current export-led model but is unlikely to abandon efforts to establish Singapore as Southeast Asia's financial and high-tech center. They are among the eight strategic thrusts in the Strategic Economic Plan (SEP). Maintenance of Singapore's international competitiveness; enhancement of its human resources; expansion of teamwork among labour, business and the Government; building up of an international outlook in its firms and people; nurturing an innovation culture; and reducing economic vulnerability, which led to a recession just back in 1985. Overall, globalistaion has had a quite positive effect on Singapore, a country that had poor resources and much untrained workforce, globalisation and the successful strategies have turned this over to a country with high level of trade and investment, with a literacy of 92%. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Discuss Globalization.

    base, and therefore provides employment and helps the economy of the country. The reversibility of globalization is another cause for concern, such an action did occur in the inter-war period between WWI and WWII. Supporters of globalization will argue that this was a direct result of the two great wars,

  2. Why has GDP growth been so slow in Somalia?

    otherwise have been47, and mortality is much higher, mainly due to disease triggered by movements of refugees and the collapse of public health systems, rather than combat deaths. One of the most striking effects of the war was over fishing48.

  1. Discuss Globalization.

    bureaucracies like the WTO, IMF, World Bank and the large multi-national corporations. Many people believe that this power leaves government and even individuals in the service of global corporate priorities, where making a profit is the most important thing and other social issues are abandoned.

  2. Comprehensive Anatomy of China

    It's theorized that doing business with China can be cost effective because Confucian ideology is so deeply embedded in the lives of its citizens that they unconsciously function in a Confucian manner.

  1. This investigation will try to test the level of external debt and measure its ...

    To adjust means the reduction of standards of life, and financing means the postponement and deferral within time of the internal sacrifice. In most of the developing countries, the internal savings are not sufficient to cover the required levels of investment.

  2. In this report, we shall explore the reasons for the shift from multilateralism to ...

    In particular to East Asia region, most countries, with the exception of Singapore, Japan, Hong Kong and China are developing countries with small markets with no form of any bilateral agreements. Hence, in this case, bilateralism may instead be a stumbling bloc for global free trade.

  1. Will trading fairly reduce world poverty?

    industries protected from foreign competition in ways that hundreds of other industries have not; and while unprotected industries have faced stiff foreign competition, they have also faced higher prices on steel, textiles and agriculture. One might look at the situation and decide that steel jobs are more important than other

  2. How Has Globalization Affected Corporate Strategy in the 21st Century?

    Markets - seeking additional markets to sell products. Traditionally companies went international to sell excess production lines, or to meet one off needs. The market then moved to increased competition where players were keen to be the first mover to a market, so as to gain a competitive advantage.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work