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Singapore Case Study

The state played a fundamental role in Singapore's economic growth by implementing various policies through the Economic Development Board. These included labor-intensive manufacturing and investments in education, training, housing and welfare to create jobs, reduce imports, and achieve an integrated society. Geography, culture and multinational corporations also influenced growth. Cultural principles like Confucianism benefited local and foreign business while political stability attracted foreign investment. Singapore's strategies proved successful, with GDP and wages rising while unemployment, inflation and deficits fell from the 1980s-1990s. Potential 21st century threats included rising inequality, pressure on traditions from individualism, and stress on public finances from an aging population.

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Patrisia Cibisov
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305 views1 page

Singapore Case Study

The state played a fundamental role in Singapore's economic growth by implementing various policies through the Economic Development Board. These included labor-intensive manufacturing and investments in education, training, housing and welfare to create jobs, reduce imports, and achieve an integrated society. Geography, culture and multinational corporations also influenced growth. Cultural principles like Confucianism benefited local and foreign business while political stability attracted foreign investment. Singapore's strategies proved successful, with GDP and wages rising while unemployment, inflation and deficits fell from the 1980s-1990s. Potential 21st century threats included rising inequality, pressure on traditions from individualism, and stress on public finances from an aging population.

Uploaded by

Patrisia Cibisov
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© © All Rights Reserved
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CIBISOV PATRISIA 26515 PORTFOLIO:STUDY CASE CHAPTER 2

1. Identify and assess the role of the state in the economic growth of Singapore.
The state played it’s fundamental role in growth of Singapore’s economy. The government implemented
a number of different [Link] by the UN, Singapore founded The Economic Development Board
was the main influencer in the execution of these [Link] For example, the labour-intensive
manufacturing policy was introduced in order to create new jobs, substitute imports, organize the public
housing scheme. The goal of ending racial discrimination and create a fully integrated educational
system( in schools, polytechnics ,universities) made the government focus on the investments in
education,training, technical training, housing,welfare.
2. What other factors have influenced economic growth?
Geography,cultural explanations and the role of multinational corporations were also pushing the
economy to [Link] instance,the cultural differences were giving the benefit in both local and
external [Link] established principles of Confucianism help Singaporeans to maintain the
discipline in their firms, prioritizing the hierarchy, loyalty ,adaptability ,support ,strive for self –
development ,whereas their unique political and economical stability was making foreign direct
investment interested in forming government-linked companies.
3. To what extent are the strategies followed by Singapore a key to the economic growth of other nations?
The above mentiones policies seemed to successfully develop the previously unevolved Singapore.
Their utility was proved basing on the presented data: “From 1985 to 1997 the country enjoyed
uninterrupted GDP growth averaging at over 8 per cent each year. Unemployment fell to below 2 per
cent in 1991 and became steady at less than 3 per cent until 2001. Inflation was kept low at around 3 per
cent, falling to less than 2 per cent in 1995. Over the same period, wages rose by around 9 per cent a
year. A balance of payments deficit in 1980 of $3.3 million was turned into a surplus of $21.3 million by
1995. Output in manufacturing increased over 10 per cent year-on-year during the 1990s.”(Needle
D.,2015).

4. What threats does Singapore face in the early days of the 21st century and what are the possible
remedies?
The first threat-the gap between rich and poor,could be avoided if the salaries would be kept stable and
equally distributed .Another threat is to the traditional values ,because of the expansion of the
individualistic approach. Considering the nature of Singapore’s values and customs, with the collectivism
more common as the individualism ,traditional habits won’t have to suffer great changes.
Thirdly,the threat of a pressure on the public finances due to the ageing people who made some
investments in the property market is rising. An analysis in their investments could provide the pattern
that is necessary to not be neglected when thinking about future strategies and solutions in keeping
public finances stable.
Needle, D. (2015). Business in context: An introduction to business and its environment.6th
[Link]:Cengage Learning EMEA.

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