Singapore Competitiveness

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Singapore Competitiveness

According to my presentation concerning Singapore Competiveness, I gained a lot of valuable knowledge about that country such as economic, political and especially its competitiveness. Although Singapore is just a tiny island and few of natural resources, it is a strong economic country and can be ranked no.5 the most competitive country in the world based on the global competitiveness report 2008-2009 (World Economic Forum, 2009). Thus, it is very interesting to discover how Singapore contests in international competition despite its lacking of essential physical resources, area and labor supply in particularly, for manufacturing as well as agriculture.

The starting point of Singapore economy was from a base of abilities in entrepôt trade, petroleum refining and seaport service. Subsequently, it progressed into export industrial products based on tremendously FDI expanding. Singapore industrial activities were feeble for a decade due to a little entrepreneurial know-how and novel technology spilled over from China and a weak structure of domestic entrepreneurship. Eventually, the government performed tightly to improve the business structure and the specific skills needed was created by intervening vastly of Singapore government (Ashton et al., 1999). Strongly policy support and its industrial structure encouraged and carried