Economy of Singapore: Assignment
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Added on 2021-06-14
Economy of Singapore: Assignment
Added on 2021-06-14
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Running head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityAuthor Note
ECONOMICS ASSIGNMENT 1Table of ContentsIntroduction................................................................................................................................2Economy of Singapore: Contributions of Manufacturing Sector..............................................2Components of the manufacturing sector of Singapore.............................................................6Economic constraints of electronics and precision engineering sectors....................................8Endogenous economic issues.................................................................................................8Exogenous economic issues...................................................................................................9Steps and Government policies to solve the problems...............................................................9Conclusion................................................................................................................................10References................................................................................................................................12
ECONOMICS ASSIGNMENT 2Introduction Different countries have developed considerably over the years and emerged as thedominant players in the global economic framework with time. In the recent period, severalother countries, mostly Asian countries, have been showing immense positive performance inthe economic development and few of these have emerged as the new economic superpowersin the global framework1. Singapore is one of the most eminent emerging economicsuperpowers in the contemporary global scenario. The country has developed immensely in all aspects and especially in economicdomains over the last few decades, much of which can be attributed to the industrialprosperity and the component of technological innovations and adaptations in theseindustries, the most significant one of which is the manufacturing industry2. Keeping this into consideration, the concerned report tries to analyse the significanceof the manufacturing industries on the economy of Singapore as a whole. The report also triesto discuss the economic problems and constraints faced by the electronics and precisionengineering industries of the country and the policy framework which can be implemented inorder 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 thelast few decades, showing impressive performance in almost all the economic indicators ofthe country, including GDP, employment, overall price levels and growth of differenteconomic sectors, especially the industrial and the service sectors of the country3. Theimmense economic growth and prosperity of the country has over the years, attractedinvestors from all part of the world and also contributed in huge immigration from all parts ofthe globe. Many people migrate to the country from all parts of the globe in search ofeconomic and employment prospects and mainly with the objective of acquiring a higherstandard 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 andSingapore. Routledge, 2018.3 Rodan, Garry. "Singapore." (2017).4Van den Berg, Hendrik.Economic growth and development. World Scientific Publishing Company, 2016.
ECONOMICS ASSIGNMENT 3The overall economic prosperity of the country, over the years, can be observed fromthe Gross Domestic Product of the country and its dynamics over the last two decades, whichin turn shows the changes in the total productivity of goods and services within thegeographical domain of the country itself, over the years and is seen as follows: Figure 1: GDP of Singapore (2000-2018)5As is evident from the above figure, the GDP of the country has been showing ahighly stable and positive trend over the years, which in turn indicates towards the presenceof a robust and growing economy in the country. Much of this economic prosperity of thecountry, as can be seen from its increasing GDP can be attributed to the different componentsof 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 asfollows: 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 Review58.03 (2013): 1350017.
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