Economy of Singapore: Assignment
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Running head: ECONOMICS ASSIGNMENT
Economics Assignment
Name of the Student
Name of the University
Author Note
Economics Assignment
Name of the Student
Name of the University
Author Note
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1ECONOMICS ASSIGNMENT
Table of Contents
Introduction................................................................................................................................2
Economy of Singapore: Contributions of Manufacturing Sector..............................................2
Components of the manufacturing sector of Singapore.............................................................6
Economic constraints of electronics and precision engineering sectors....................................8
Endogenous economic issues.................................................................................................8
Exogenous economic issues...................................................................................................9
Steps and Government policies to solve the problems...............................................................9
Conclusion................................................................................................................................10
References................................................................................................................................12
Table of Contents
Introduction................................................................................................................................2
Economy of Singapore: Contributions of Manufacturing Sector..............................................2
Components of the manufacturing sector of Singapore.............................................................6
Economic constraints of electronics and precision engineering sectors....................................8
Endogenous economic issues.................................................................................................8
Exogenous economic issues...................................................................................................9
Steps and Government policies to solve the problems...............................................................9
Conclusion................................................................................................................................10
References................................................................................................................................12
2ECONOMICS ASSIGNMENT
Introduction
Different countries have developed considerably over the years and emerged as the
dominant players in the global economic framework with time. In the recent period, several
other countries, mostly Asian countries, have been showing immense positive performance in
the economic development and few of these have emerged as the new economic superpowers
in the global framework1. Singapore is one of the most eminent emerging economic
superpowers in the contemporary global scenario.
The country has developed immensely in all aspects and especially in economic
domains over the last few decades, much of which can be attributed to the industrial
prosperity and the component of technological innovations and adaptations in these
industries, the most significant one of which is the manufacturing industry2.
Keeping this into consideration, the concerned report tries to analyse the significance
of the manufacturing industries on the economy of Singapore as a whole. The report also tries
to discuss the economic problems and constraints faced by the electronics and precision
engineering industries of the country and the policy framework which can be implemented in
order to combat such problems by the government of the country.
Economy of Singapore: Contributions of Manufacturing Sector
As discussed above, the economy of Singapore has developed impressively over the
last few decades, showing impressive performance in almost all the economic indicators of
the country, including GDP, employment, overall price levels and growth of different
economic sectors, especially the industrial and the service sectors of the country3. The
immense economic growth and prosperity of the country has over the years, attracted
investors from all part of the world and also contributed in huge immigration from all parts of
the globe. Many people migrate to the country from all parts of the globe in search of
economic and employment prospects and mainly with the objective of acquiring a higher
standard of living4.
1 Holland, John H. "The global economy as an adaptive process." The economy as an evolving complex system.
CRC Press, 2018. 117-124.
2 Chiu, Stephen Wing-kai. City states in the global economy: Industrial restructuring in Hong Kong and
Singapore. Routledge, 2018.
3 Rodan, Garry. "Singapore." (2017).
4 Van den Berg, Hendrik. Economic growth and development. World Scientific Publishing Company, 2016.
Introduction
Different countries have developed considerably over the years and emerged as the
dominant players in the global economic framework with time. In the recent period, several
other countries, mostly Asian countries, have been showing immense positive performance in
the economic development and few of these have emerged as the new economic superpowers
in the global framework1. Singapore is one of the most eminent emerging economic
superpowers in the contemporary global scenario.
The country has developed immensely in all aspects and especially in economic
domains over the last few decades, much of which can be attributed to the industrial
prosperity and the component of technological innovations and adaptations in these
industries, the most significant one of which is the manufacturing industry2.
Keeping this into consideration, the concerned report tries to analyse the significance
of the manufacturing industries on the economy of Singapore as a whole. The report also tries
to discuss the economic problems and constraints faced by the electronics and precision
engineering industries of the country and the policy framework which can be implemented in
order to combat such problems by the government of the country.
Economy of Singapore: Contributions of Manufacturing Sector
As discussed above, the economy of Singapore has developed impressively over the
last few decades, showing impressive performance in almost all the economic indicators of
the country, including GDP, employment, overall price levels and growth of different
economic sectors, especially the industrial and the service sectors of the country3. The
immense economic growth and prosperity of the country has over the years, attracted
investors from all part of the world and also contributed in huge immigration from all parts of
the globe. Many people migrate to the country from all parts of the globe in search of
economic and employment prospects and mainly with the objective of acquiring a higher
standard of living4.
1 Holland, John H. "The global economy as an adaptive process." The economy as an evolving complex system.
CRC Press, 2018. 117-124.
2 Chiu, Stephen Wing-kai. City states in the global economy: Industrial restructuring in Hong Kong and
Singapore. Routledge, 2018.
3 Rodan, Garry. "Singapore." (2017).
4 Van den Berg, Hendrik. Economic growth and development. World Scientific Publishing Company, 2016.
3ECONOMICS ASSIGNMENT
The overall economic prosperity of the country, over the years, can be observed from
the Gross Domestic Product of the country and its dynamics over the last two decades, which
in turn shows the changes in the total productivity of goods and services within the
geographical domain of the country itself, over the years and is seen as follows:
Figure 1: GDP of Singapore (2000-2018)5
As is evident from the above figure, the GDP of the country has been showing a
highly stable and positive trend over the years, which in turn indicates towards the presence
of a robust and growing economy in the country. Much of this economic prosperity of the
country, as can be seen from its increasing GDP can be attributed to the different components
of the highly prosperous and economic-growth-facilitating industrial sector of the country6.
The shares of the sectors in the industrial aspect of the country, in the GDP can be seen as
follows:
5 Tradingeconomics.com. "Singapore GDP | 1960-2018 | Data | Chart | Calendar | Forecast |
News". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp.
6 Forte, Rosa, and Rui Moura. "The effects of foreign direct investment on the host country's economic growth:
theory and empirical evidence." The Singapore Economic Review 58.03 (2013): 1350017.
The overall economic prosperity of the country, over the years, can be observed from
the Gross Domestic Product of the country and its dynamics over the last two decades, which
in turn shows the changes in the total productivity of goods and services within the
geographical domain of the country itself, over the years and is seen as follows:
Figure 1: GDP of Singapore (2000-2018)5
As is evident from the above figure, the GDP of the country has been showing a
highly stable and positive trend over the years, which in turn indicates towards the presence
of a robust and growing economy in the country. Much of this economic prosperity of the
country, as can be seen from its increasing GDP can be attributed to the different components
of the highly prosperous and economic-growth-facilitating industrial sector of the country6.
The shares of the sectors in the industrial aspect of the country, in the GDP can be seen as
follows:
5 Tradingeconomics.com. "Singapore GDP | 1960-2018 | Data | Chart | Calendar | Forecast |
News". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp.
6 Forte, Rosa, and Rui Moura. "The effects of foreign direct investment on the host country's economic growth:
theory and empirical evidence." The Singapore Economic Review 58.03 (2013): 1350017.
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4ECONOMICS ASSIGNMENT
Figure 2: Sector-wise share in the GDP of Singapore7
As is evident from the above figure, the manufacturing sector is one of the largest
sector, when measured as a percentage of the GDP of the country8. This sector has over the
years, grew significantly, with increase in the technological and infrastructural aspects of the
country and has also been highly facilitated by the increase in the demand for the
manufacturing products of the country not only in the country itself, but across the globe.
Figure 3: Increase in the GDP of Singapore from manufacturing sector9
7 Aseanbriefing.com. "ASEAN’s Leading Manufacturing Destinations". Aseanbriefing.com, 2018. Online.
Internet. 21 May 2018. . Available: https://www.aseanbriefing.com/news/2014/08/05/aseans-leading-
manufacturing-destinations.html.
8 Kaur, Prabhjot, and Sanjeev Kumar Sharma. "Evaluating the relationship and influence of critical success
factors of TQM on business performance: Evidence from SMEs of manufacturing sector." IUP Journal of
Operations Management 13.4 (2014): 17.
9Tradingeconomics.com. "Singapore GDP From Manufacturing | 1975-2018 | Data | Chart |
Calendar". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp-from-manufacturing.
Figure 2: Sector-wise share in the GDP of Singapore7
As is evident from the above figure, the manufacturing sector is one of the largest
sector, when measured as a percentage of the GDP of the country8. This sector has over the
years, grew significantly, with increase in the technological and infrastructural aspects of the
country and has also been highly facilitated by the increase in the demand for the
manufacturing products of the country not only in the country itself, but across the globe.
Figure 3: Increase in the GDP of Singapore from manufacturing sector9
7 Aseanbriefing.com. "ASEAN’s Leading Manufacturing Destinations". Aseanbriefing.com, 2018. Online.
Internet. 21 May 2018. . Available: https://www.aseanbriefing.com/news/2014/08/05/aseans-leading-
manufacturing-destinations.html.
8 Kaur, Prabhjot, and Sanjeev Kumar Sharma. "Evaluating the relationship and influence of critical success
factors of TQM on business performance: Evidence from SMEs of manufacturing sector." IUP Journal of
Operations Management 13.4 (2014): 17.
9Tradingeconomics.com. "Singapore GDP From Manufacturing | 1975-2018 | Data | Chart |
Calendar". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp-from-manufacturing.
5ECONOMICS ASSIGNMENT
The above figure clearly depicts the more or less consistent positive growth of the
contribution of the manufacturing sector in the GDP of the country, barring several non-
significant downward fluctuations. This in turn can be considered to be explaining a
considerable portion of the increase in the GDP of the country over the years10.
Apart from the growth of the overall economic prosperity of the country, the
manufacturing sector of the country also contributes significantly in raising the overall
income level of the workers in the industry, thereby contributing to an overall increased
standard of living and better quality of life of the workers in the manufacturing industry of
the country, as compared to the overall working population of Singapore, which can be seen
from the following figure:
Figure 4: Median Gross Monthly Income of the working resident population of
Singapore11
The manufacturing sector of the country is also one of the major providers of
employment in Singapore and the sector employed nearly 510,000 workers in 2015.
However, in the last few years the level of employment generation, in the manufacturing
sector of Singapore can be seen to have declined to a considerable extent, much of which can
be attributed to the sluggish global economic conditions and also a comparatively tighter
supply of international skilled workers12.
10 Gereffi, Gary, and Donald L. Wyman, eds. Manufacturing miracles: paths of industrialization in Latin
America and East Asia. Princeton University Press, 2014.
11 Mti.gov.sg. "Trends in Manufacturing and Manufacturing-Related Services". Mti.gov.sg, 2018. Online.
Internet. 21 May 2018. . Available: https://www.mti.gov.sg/ResearchRoom/SiteAssets/Pages/Economic-Survey-
of-Singapore-2015/BA6.1_AES2015.pdf.
12 Ashournia, Damoun. "Labour market effects of international trade when mobility is costly." The Economic
Journal (2015).
The above figure clearly depicts the more or less consistent positive growth of the
contribution of the manufacturing sector in the GDP of the country, barring several non-
significant downward fluctuations. This in turn can be considered to be explaining a
considerable portion of the increase in the GDP of the country over the years10.
Apart from the growth of the overall economic prosperity of the country, the
manufacturing sector of the country also contributes significantly in raising the overall
income level of the workers in the industry, thereby contributing to an overall increased
standard of living and better quality of life of the workers in the manufacturing industry of
the country, as compared to the overall working population of Singapore, which can be seen
from the following figure:
Figure 4: Median Gross Monthly Income of the working resident population of
Singapore11
The manufacturing sector of the country is also one of the major providers of
employment in Singapore and the sector employed nearly 510,000 workers in 2015.
However, in the last few years the level of employment generation, in the manufacturing
sector of Singapore can be seen to have declined to a considerable extent, much of which can
be attributed to the sluggish global economic conditions and also a comparatively tighter
supply of international skilled workers12.
10 Gereffi, Gary, and Donald L. Wyman, eds. Manufacturing miracles: paths of industrialization in Latin
America and East Asia. Princeton University Press, 2014.
11 Mti.gov.sg. "Trends in Manufacturing and Manufacturing-Related Services". Mti.gov.sg, 2018. Online.
Internet. 21 May 2018. . Available: https://www.mti.gov.sg/ResearchRoom/SiteAssets/Pages/Economic-Survey-
of-Singapore-2015/BA6.1_AES2015.pdf.
12 Ashournia, Damoun. "Labour market effects of international trade when mobility is costly." The Economic
Journal (2015).
6ECONOMICS ASSIGNMENT
Figure 5: Change in employment trends by sector in Singapore13
Nevertheless, the manufacturing sector of the country still remains one of the most important
and contributing aspects to the economic prosperity of the country over the decades.
Components of the manufacturing sector of Singapore
The manufacturing sector of the country, in its turn, is comprised of different products
and activities, the primary ones and their share in the manufacturing sector of the country,
being as follows:
13 Sbr.com.sg. "Chart of the Day: Check out how employment in the manufacturing sector crashed". Sbr.com.sg,
2018. Online. Internet. 21 May 2018. . Available: https://sbr.com.sg/hr-education/news/chart-day-check-out-
how-employment-in-manufacturing-sector-crashed.
Figure 5: Change in employment trends by sector in Singapore13
Nevertheless, the manufacturing sector of the country still remains one of the most important
and contributing aspects to the economic prosperity of the country over the decades.
Components of the manufacturing sector of Singapore
The manufacturing sector of the country, in its turn, is comprised of different products
and activities, the primary ones and their share in the manufacturing sector of the country,
being as follows:
13 Sbr.com.sg. "Chart of the Day: Check out how employment in the manufacturing sector crashed". Sbr.com.sg,
2018. Online. Internet. 21 May 2018. . Available: https://sbr.com.sg/hr-education/news/chart-day-check-out-
how-employment-in-manufacturing-sector-crashed.
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7ECONOMICS ASSIGNMENT
Figure 6: Share by industry in the manufacturing sector (In terms of contribution to
total output)14
From the above figure, it can be stated that of the different industries under the
umbrella of the manufacturing sector of the country as a whole, the biggest and the most
significant one is that of the electronics industry, contributing more than 30% of the total
output of the manufacturing sector as a whole. Much of the prosperity and growth of the
electronic industry of the country can be attributed to the consistently increasing demand for
the same in the global consumption scenario.
Figure 7: Increasing growth and revenue generation in global electronics market15
With a positive present as well as future growth trend, this sector of the country is
expected to be developing even more in the coming years. On the other hand, the precision
engineering industry of Singapore, currently responsible for nearly 10% of the total
manufacturing sector output of the country, is also another lucrative and potential sector in
the economy16.
14 Medtech.sg. "Singapore’s Economic Climate and Competitive Advantages - medtech.sg". medtech.sg, 2018.
Online. Internet. 21 May 2018. . Available: http://www.medtech.sg/singapores-economic-climate-competitive-
advantages-in-the-biomedical-sciences/.
15 Credenceresearch.com. "Demand from Consumer Electronics Segment to Drive Flexible Electronics Market
by 2023 - Credence Research". Credenceresearch.com, 2018. Online. Internet. 21 May 2018. . Available:
https://www.credenceresearch.com/press/global-flexible-electronics-market.
16 Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the electronics industry
in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
Figure 6: Share by industry in the manufacturing sector (In terms of contribution to
total output)14
From the above figure, it can be stated that of the different industries under the
umbrella of the manufacturing sector of the country as a whole, the biggest and the most
significant one is that of the electronics industry, contributing more than 30% of the total
output of the manufacturing sector as a whole. Much of the prosperity and growth of the
electronic industry of the country can be attributed to the consistently increasing demand for
the same in the global consumption scenario.
Figure 7: Increasing growth and revenue generation in global electronics market15
With a positive present as well as future growth trend, this sector of the country is
expected to be developing even more in the coming years. On the other hand, the precision
engineering industry of Singapore, currently responsible for nearly 10% of the total
manufacturing sector output of the country, is also another lucrative and potential sector in
the economy16.
14 Medtech.sg. "Singapore’s Economic Climate and Competitive Advantages - medtech.sg". medtech.sg, 2018.
Online. Internet. 21 May 2018. . Available: http://www.medtech.sg/singapores-economic-climate-competitive-
advantages-in-the-biomedical-sciences/.
15 Credenceresearch.com. "Demand from Consumer Electronics Segment to Drive Flexible Electronics Market
by 2023 - Credence Research". Credenceresearch.com, 2018. Online. Internet. 21 May 2018. . Available:
https://www.credenceresearch.com/press/global-flexible-electronics-market.
16 Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the electronics industry
in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
8ECONOMICS ASSIGNMENT
Economic constraints of electronics and precision engineering sectors
In spite of extreme prospects and potential of the above-mentioned sectors of
Singapore, there are several endogenous as well as exogenous economic constraints which
are faced by these sectors of the country, which are explained as follows:
Endogenous economic issues
One of the primary economic problem faced by the firms in the electronic and
precision engineering industry of the country is that of high initial fixed cost. The companies
venturing in these sectors, thus, need to invest huge sum of money initially and profits start
getting accrued to the firms only after their production and sales increase and they start
experiencing economies of scale17. Thus, the primary sufferers in this context are the small
and medium firms, especially the potential entrants, who on one hand faces difficulty in
investing such a huge amount and on the other hand are often prevented from achieving
economies of scale by the bigger and already existing cost-efficient ones, thereby creating
high barriers of entry and distorted competitions18.
Exogenous economic issues
Apart from the endogenous issues, the industries are also subjected to exogenous
economic issues in the global framework. On one hand, the level of competition in the global
electronics production market has been consistently increasing and the country faces stiff
competition from other countries like China, Japan, Korea and others19. Also, the sluggish
global labour market has been hampering the productivity and employment aspects of the
manufacturing sector of Singapore and the electronics and precision engineering industry
have been facing these issues considerably.
17 Frank, Robert, and Edward Cartwright. Microeconomics and behaviour. McGraw Hill, 2013.
18 Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the electronics industry
in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
19 Kabaca, Serdar. Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing. No.
2014-47. Bank of Canada Working Paper, 2014.
Economic constraints of electronics and precision engineering sectors
In spite of extreme prospects and potential of the above-mentioned sectors of
Singapore, there are several endogenous as well as exogenous economic constraints which
are faced by these sectors of the country, which are explained as follows:
Endogenous economic issues
One of the primary economic problem faced by the firms in the electronic and
precision engineering industry of the country is that of high initial fixed cost. The companies
venturing in these sectors, thus, need to invest huge sum of money initially and profits start
getting accrued to the firms only after their production and sales increase and they start
experiencing economies of scale17. Thus, the primary sufferers in this context are the small
and medium firms, especially the potential entrants, who on one hand faces difficulty in
investing such a huge amount and on the other hand are often prevented from achieving
economies of scale by the bigger and already existing cost-efficient ones, thereby creating
high barriers of entry and distorted competitions18.
Exogenous economic issues
Apart from the endogenous issues, the industries are also subjected to exogenous
economic issues in the global framework. On one hand, the level of competition in the global
electronics production market has been consistently increasing and the country faces stiff
competition from other countries like China, Japan, Korea and others19. Also, the sluggish
global labour market has been hampering the productivity and employment aspects of the
manufacturing sector of Singapore and the electronics and precision engineering industry
have been facing these issues considerably.
17 Frank, Robert, and Edward Cartwright. Microeconomics and behaviour. McGraw Hill, 2013.
18 Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the electronics industry
in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
19 Kabaca, Serdar. Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing. No.
2014-47. Bank of Canada Working Paper, 2014.
9ECONOMICS ASSIGNMENT
Figure 8: Declining labour productivity in Singapore20
Steps and Government policies to solve the problems
The above discussed issues faced by the concerned industries in Singapore can have
huge negative implications if not addressed properly. Taking this into consideration, the
following steps and policies can be taken by the government of the country to rule out the
endogenous and exogenous economic constraints faced by the concerned industries:
The problems of high entry barriers and high fixed costs faced by the new and small
and medium entrants in these industries can be decreased to a considerable extent by
provision of protection and financial aids to the companies by the government of the
country21. This, by facilitating the businesses to grow, by protecting them from the
unfair competitions, can help in increasing competition as well as cost efficiency of
the industries as a whole.
The problems of labour market sluggishness and tighter supply of foreign efficient
labours faced by these industries, which can be seen to be hampering the overall
labour productivity of these sectors can be ruled out to a considerable extent by
provision of different labour training and development programs on part of the
20 Britcham.org.sg. "Singapore: An Economy in Transition". Britcham.org.sg, 2018. Online. Internet. 21 May
2018. . Available: https://www.britcham.org.sg/static-pages/o55-singapore-an-economy-in-transition.
21 Pindyck, Robert S., and Daniel L. Rubinfeld. "Microeconomics." (2014).
Figure 8: Declining labour productivity in Singapore20
Steps and Government policies to solve the problems
The above discussed issues faced by the concerned industries in Singapore can have
huge negative implications if not addressed properly. Taking this into consideration, the
following steps and policies can be taken by the government of the country to rule out the
endogenous and exogenous economic constraints faced by the concerned industries:
The problems of high entry barriers and high fixed costs faced by the new and small
and medium entrants in these industries can be decreased to a considerable extent by
provision of protection and financial aids to the companies by the government of the
country21. This, by facilitating the businesses to grow, by protecting them from the
unfair competitions, can help in increasing competition as well as cost efficiency of
the industries as a whole.
The problems of labour market sluggishness and tighter supply of foreign efficient
labours faced by these industries, which can be seen to be hampering the overall
labour productivity of these sectors can be ruled out to a considerable extent by
provision of different labour training and development programs on part of the
20 Britcham.org.sg. "Singapore: An Economy in Transition". Britcham.org.sg, 2018. Online. Internet. 21 May
2018. . Available: https://www.britcham.org.sg/static-pages/o55-singapore-an-economy-in-transition.
21 Pindyck, Robert S., and Daniel L. Rubinfeld. "Microeconomics." (2014).
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10ECONOMICS ASSIGNMENT
government as well as on part of the companies22. Skilled based educations in schools
and colleges can also help in addressing this issue in the long term.
In the increasingly competitive global scenario, to capture greater share of global
electronic and precision engineering products markets, the companies in these sectors
of Singapore need to be highly updated and cost efficient continuously and huge
investments are required in the research and development sectors for the same. The
government can device policies and incentives which may attract the investors, both
global and international to invest in these sectors23.
Conclusion
From the above discussion, it can be concluded that the manufacturing industry of
Singapore has been one of the most significant sectors contributing to the economic
development of the countries over the decades in terms of GDP, employment, income
generation and many other aspects. The electronics and the precision engineering industries
have been the some of the significantly growing components of the industrial sector of the
country, with increasing global demand for their products. However, in the contemporary
period, these industries are subjected to several endogenous as well as exogenous economic
hurdles, which need to be addressed efficiently to facilitate their future development. For the
same steps have to be taken both on part of the companies as well as the government of the
country in terms of proper and efficient policy frameworks.
22 Ng, Victor Fook Ai, and SHUCHIN YANG. "Changing Strategies of Manufactured Export Expansion in
Singapore." Manufactured Exports of East Asian Industrializing Economies and Possible Regional
Cooperation (2016): 150.
23 Wonglimpiyarat, Jarunee. "Innovation financing policies for entrepreneurial development—Cases of
Singapore and Taiwan as newly industrializing economies in Asia." The Journal of High Technology
Management Research 24.2 (2013): 109-117.
government as well as on part of the companies22. Skilled based educations in schools
and colleges can also help in addressing this issue in the long term.
In the increasingly competitive global scenario, to capture greater share of global
electronic and precision engineering products markets, the companies in these sectors
of Singapore need to be highly updated and cost efficient continuously and huge
investments are required in the research and development sectors for the same. The
government can device policies and incentives which may attract the investors, both
global and international to invest in these sectors23.
Conclusion
From the above discussion, it can be concluded that the manufacturing industry of
Singapore has been one of the most significant sectors contributing to the economic
development of the countries over the decades in terms of GDP, employment, income
generation and many other aspects. The electronics and the precision engineering industries
have been the some of the significantly growing components of the industrial sector of the
country, with increasing global demand for their products. However, in the contemporary
period, these industries are subjected to several endogenous as well as exogenous economic
hurdles, which need to be addressed efficiently to facilitate their future development. For the
same steps have to be taken both on part of the companies as well as the government of the
country in terms of proper and efficient policy frameworks.
22 Ng, Victor Fook Ai, and SHUCHIN YANG. "Changing Strategies of Manufactured Export Expansion in
Singapore." Manufactured Exports of East Asian Industrializing Economies and Possible Regional
Cooperation (2016): 150.
23 Wonglimpiyarat, Jarunee. "Innovation financing policies for entrepreneurial development—Cases of
Singapore and Taiwan as newly industrializing economies in Asia." The Journal of High Technology
Management Research 24.2 (2013): 109-117.
11ECONOMICS ASSIGNMENT
References
Aseanbriefing.com. "ASEAN’s Leading Manufacturing Destinations". Aseanbriefing.com,
2018. Online. Internet. 21 May 2018. . Available:
https://www.aseanbriefing.com/news/2014/08/05/aseans-leading-manufacturing-
destinations.html.
Ashournia, Damoun. "Labour market effects of international trade when mobility is
costly." The Economic Journal (2015).
Britcham.org.sg. "Singapore: An Economy in Transition". Britcham.org.sg, 2018. Online.
Internet. 21 May 2018. . Available: https://www.britcham.org.sg/static-pages/o55-singapore-
an-economy-in-transition.
References
Aseanbriefing.com. "ASEAN’s Leading Manufacturing Destinations". Aseanbriefing.com,
2018. Online. Internet. 21 May 2018. . Available:
https://www.aseanbriefing.com/news/2014/08/05/aseans-leading-manufacturing-
destinations.html.
Ashournia, Damoun. "Labour market effects of international trade when mobility is
costly." The Economic Journal (2015).
Britcham.org.sg. "Singapore: An Economy in Transition". Britcham.org.sg, 2018. Online.
Internet. 21 May 2018. . Available: https://www.britcham.org.sg/static-pages/o55-singapore-
an-economy-in-transition.
12ECONOMICS ASSIGNMENT
Chiu, Stephen Wing-kai. City states in the global economy: Industrial restructuring in Hong
Kong and Singapore. Routledge, 2018.
Credenceresearch.com. "Demand from Consumer Electronics Segment to Drive Flexible
Electronics Market by 2023 - Credence Research". Credenceresearch.com, 2018. Online.
Internet. 21 May 2018. . Available: https://www.credenceresearch.com/press/global-flexible-
electronics-market.
Forte, Rosa, and Rui Moura. "The effects of foreign direct investment on the host country's
economic growth: theory and empirical evidence." The Singapore Economic Review 58.03
(2013): 1350017.
Frank, Robert, and Edward Cartwright. Microeconomics and behaviour. McGraw Hill, 2013.
Gereffi, Gary, and Donald L. Wyman, eds. Manufacturing miracles: paths of
industrialization in Latin America and East Asia. Princeton University Press, 2014.
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Gereffi, Gary, and Donald L. Wyman, eds. Manufacturing miracles: paths of
industrialization in Latin America and East Asia. Princeton University Press, 2014.
Holland, John H. "The global economy as an adaptive process." The economy as an evolving
complex system. CRC Press, 2018. 117-124.
Kabaca, Serdar. Labour Share Fluctuations in Emerging Markets: The Role of the Cost of
Borrowing. No. 2014-47. Bank of Canada Working Paper, 2014.
Kaur, Prabhjot, and Sanjeev Kumar Sharma. "Evaluating the relationship and influence of
critical success factors of TQM on business performance: Evidence from SMEs of
manufacturing sector." IUP Journal of Operations Management 13.4 (2014): 17.
Medtech.sg. "Singapore’s Economic Climate and Competitive Advantages -
medtech.sg". medtech.sg, 2018. Online. Internet. 21 May 2018. . Available:
http://www.medtech.sg/singapores-economic-climate-competitive-advantages-in-the-
biomedical-sciences/.
Mti.gov.sg. "Trends in Manufacturing and Manufacturing-Related Services". Mti.gov.sg,
2018. Online. Internet. 21 May 2018. . Available:
https://www.mti.gov.sg/ResearchRoom/SiteAssets/Pages/Economic-Survey-of-Singapore-
2015/BA6.1_AES2015.pdf.
Ng, Victor Fook Ai, and SHUCHIN YANG. "Changing Strategies of Manufactured Export
Expansion in Singapore." Manufactured Exports of East Asian Industrializing Economies
and Possible Regional Cooperation (2016): 150.
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13ECONOMICS ASSIGNMENT
Pindyck, Robert S., and Daniel L. Rubinfeld. "Microeconomics." (2014).
Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the
electronics industry in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
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crashed". Sbr.com.sg, 2018. Online. Internet. 21 May 2018. . Available: https://sbr.com.sg/hr-
education/news/chart-day-check-out-how-employment-in-manufacturing-sector-crashed.
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News". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp.
Tradingeconomics.com. "Singapore GDP From Manufacturing | 1975-2018 | Data | Chart |
Calendar". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp-from-manufacturing.
Van den Berg, Hendrik. Economic growth and development. World Scientific Publishing
Company, 2016.
Wonglimpiyarat, Jarunee. "Innovation financing policies for entrepreneurial development—
Cases of Singapore and Taiwan as newly industrializing economies in Asia." The Journal of
High Technology Management Research 24.2 (2013): 109-117.
Pindyck, Robert S., and Daniel L. Rubinfeld. "Microeconomics." (2014).
Rasiah, Rajah, Yap Xiao-Shan, and V. G. R. Chandran Govindaraju. "Crisis effects on the
electronics industry in Southeast Asia." Journal of Contemporary Asia 44.4 (2014): 645-663.
Rodan, Garry. "Singapore." (2017).
Sbr.com.sg. "Chart of the Day: Check out how employment in the manufacturing sector
crashed". Sbr.com.sg, 2018. Online. Internet. 21 May 2018. . Available: https://sbr.com.sg/hr-
education/news/chart-day-check-out-how-employment-in-manufacturing-sector-crashed.
Tradingeconomics.com. "Singapore GDP | 1960-2018 | Data | Chart | Calendar | Forecast |
News". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp.
Tradingeconomics.com. "Singapore GDP From Manufacturing | 1975-2018 | Data | Chart |
Calendar". Tradingeconomics.com, 2018. Online. Internet. 21 May 2018. . Available:
https://tradingeconomics.com/singapore/gdp-from-manufacturing.
Van den Berg, Hendrik. Economic growth and development. World Scientific Publishing
Company, 2016.
Wonglimpiyarat, Jarunee. "Innovation financing policies for entrepreneurial development—
Cases of Singapore and Taiwan as newly industrializing economies in Asia." The Journal of
High Technology Management Research 24.2 (2013): 109-117.
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