• 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...


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.


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.


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. Marked by a teacher

    Is Increased globalization a good thing?

    5 star(s)

    individual country to choose the particular set of policies that suits its own development needs. Additionally, globalisation has not been experienced everywhere to the same extent. In fact, it is probably only applicable to a small percentage of humankind. For instance, only a small minority of the world's population can

  2. The Impact of Globalisation upon the Japanese Economy

    Compared to USA's index of 40.8, Japan has a quite equal distribution of income. But there are several social problems in Japan, such as a severely aging population, and obvious s****l inequality. Globalisation has exacerbated the impact on the environment.

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

    national entrance, and they gain 1270 times less than the wealthier 2% of the population. 2. The 20% belonging to the wealthier receive 58,7% of the national entrance. Poverty: The accumulation of wealth in the hands of the monopolistic groups has like counterpart the poverty and the extreme poverty for the majority of Ecuadorians.

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

    India has a population of 1.2billion and a GDP of approximately $1.16trillion, yet lawless Somalia has only 9million inhabitants and a GDP of less than $9million but feels it needs more ministers? Furthermore, the Somali president Sheikh Sharif Ahmed has been in office more than 18 months but has yet

  1. Carbon Credit Trading

    trading and implementation of carbon reducing technology go hand-in-hand (Carbon Monetization, 2009). The idea behind this alternative is for Heinz to make provisions for the inevitable implementation of a carbon reduction scheme and give Heinz U.S. a competitive advantage in the future.

  2. Free essay

    Globalisation and changing career patterns

    One industry hit hard by this in was the British Coal industry. 3.1.1. The British Coal Industry The movement of industries away from the UK has been highly visible since the 1980's. The collapse of both the British Coal mining & steel industries can be attributed to the fact that

  1. Is Globalization bad for the third world?

    the IMF will give the country loans to strengthen their currency and help pay of the loans from Western investors.

  2. The Economy Of Estonia - Features,Current State and Exports

    building permit was converted from 17 500 kroons to 17 500 euros without using the actual exchange rate. As a result of the error, Estonia fell from 24th place to 89th place in the ease of getting a building permit category.

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