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(PDF) Innovation and Productivity

   

Added on  2021-04-24

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Running head: SINGAPORE: INNOVATION AND PRODUCTIVITY Singapore: Innovation and ProductivityName of the StudentName of the UniversityAuthor Note

1SINGAPORE: INNOVATION AND PRODUCTIVITY Table of ContentsIntroduction......................................................................................................................................2Global Population Growth Dynamics..............................................................................................3Population Dynamics in Singapore.................................................................................................4Economic implications of population growth decline in Singapore................................................6Way out for the problem................................................................................................................10Policy and incentives of Singapore government...........................................................................11Current incentives and policies..................................................................................................12Policies and Incentives to be implemented in near future.........................................................14Conclusion.....................................................................................................................................16References......................................................................................................................................18

2SINGAPORE: INNOVATION AND PRODUCTIVITY Introduction The global population and demography have changed considerably with time, owing tothe substantial dynamics in the nature and inherent characteristics of the populations, changes inthe growth rates and trends of the population of different countries. The nature of thesepopulation growth trends has considerable and multidimensional impacts on different domains ofthe countries in the global scenario, including the social, political and economic aspects1. In thiscontext, there remain considerable debates and speculations across the globe, regarding theimpacts of the changes in the demographic attributes of a country on the economic growth andprosperity of the same. Over the years, different economists have put forward definitions of economic growth,development, population growth and demographic natures in the global context and have alsotried to explain the different stages of the population growth of the different countries, therebytrying to draw relations of the same with the economic growth of the countries2. In this context, asignificant share of economists and policy makers and speculators asserts the presence of directlinkage between these two concerned variables in the domain of different countries across theglobe- the two variables being the economic progress and the dynamics in the population growthof the countries. According to them one of the primary factors contributing to the productivityand economic progress of a country is the population statistics and trends present in the countryat a specific point of time3. 1 Gerland, Patrick, et al. "World population stabilization unlikely this century."Science346.6206 (2014): 234-237.2 Coale, Ansley Johnson, and Edgar M. Hoover.Population growth and economic development. PrincetonUniversity Press, 2015.3 Lewis, W. Arthur.Theory of economic growth. Vol. 7. Routledge, 2013.

3SINGAPORE: INNOVATION AND PRODUCTIVITY One of the primary arguments in the aspect of the linkage between the population growthand economic prosperity is that with the increase in the increase in the growth of population,potential work force of country increases, which in turn contributes to the expansion of economicactivities of the country, thereby contributing to its growth and vice versa4. Keeping thisargument into consideration, the concerned report tries to highlight the problems of populationdecline which is being faced by Singapore, one of the impressively developed economies of thecontemporary period. Taking the problem of decline in the work age population of the countryinto account, the report also tries to highlight and discuss the policies taken by the government ofthe country to keep the innovations and productivity rising, such that the economic prosperity ofthe country is not compromised in the face of the declining population growth rates. Global Population Growth Dynamics The contemporary global scenario has been facing several crucial changes in the aspectsof the demographic profile of the countries, especially the developed ones. The globalpopulation, which had experienced consistent increase in the last few decades, due to theincrease in the economic and overall welfare of the people, increased life expectancy, higherstandard of living and better infrastructural and health care facilities, is however, expected todecrease in the coming years, as can be seen from the following figure: 4 Dao, Minh Quang. "Population and economic growth in developing countries."International Journal of AcademicResearch in Business and Social Sciences2.1 (2012): 6.

4SINGAPORE: INNOVATION AND PRODUCTIVITY Figure 1: Population Growth dynamics forecast in the global scenario5As can be seen from the above figure, the global population is expected to increase till2025, at a decreasing rate and post 2025, the same is expected to decline consistently with time,with the numbers being expected to decrease scarily post 20656. The problem is more worryingin the developed countries, with the decline in the population being already initiated in most ofthem. In the concerned case, the scenario prevailing in Singapore is taken into consideration. Population Dynamics in Singapore Singapore has over the years, developed impressively in all the aspects, including social,economic, and political and also in industrial and commercial aspects. The country being one ofthe most open economies in the world ranks among the highly developed economies,characterized by the presence of free market and a pro-business environment. The immense5 "Population growth rate bodes decline in living standards",Phys.org, 2018, online, Internet, 12 Mar. 2018. ,Available: https://phys.org/news/2013-12-population-growth-bodes-decline-standards.html.6 Haub, Carl, J. Gribble, and L. Jacobsen. "World population data sheet 2012."Population Reference Bureau(2012).

5SINGAPORE: INNOVATION AND PRODUCTIVITY economic growth and prosperity of the country has contributed in the considerable improvementof the standard of living of the residents of the country. Singapore ranks third in terms of percapita GDP, in the global scenario, in terms of the purchasing power parity, thereby indicatingtowards the economic stability enjoyed by the citizens over the years7. The population of the country has however, been subjected to considerable dynamics,owing to the shifts in the demographic patterns in the country over time. The population growthof the country, in the last few years, have been subjected to a decline, with the pattern of declinein the growth rates resembling the trends of those observed in most of the developed countries inthe contemporary period. Figure 2: Decline in the population growth rate in Singapore over the years87 Tremewan, Christopher.The political economy of social control in Singapore. Springer, 2016.8 Todayonline.com, "S’pore posts flat population growth; lowest in over 10 years",TODAYonline, 2018, online,Internet, 12 Mar. 2018. , Available: https://www.todayonline.com/singapore/singapores-population-growth-flat-01-last-year-total-population-stable-561-million.

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