Singaporean Economy in Recent Years – Assignment Example
The paper "Singaporean Economy in Recent Years" is a great example of an assignment macro and microeconomics.
a. How has your country’s economic performance been recent, in terms of GDP and GDP per capita? How does it stack up to other developing and developed countries?
From 1963, the year of independence, the Singaporean economy has continued to grow rapidly to become part of the top GDP per capita earners across the entire world. The economy heavily depends on elements of foreign trade in port activities and exports of components of electronic products and refined oil. Singapore is a leading foreign direct investment recipient because of its status. It is part of the freest and most competitive as well as business-friendly national economies of the world. Singapore has more relevance as a financial center through its GDP Growth Rate (actual values, charts, historical data, statistics, forecast, news, and economic calendar). Singapore’s Gross Domestic Product expanded through an annualized percentage of 2.30 in 2014’s first quarter over previous quarters (Veblen 56). The Growth Rate of Singapore’s GDP averages at 5.59 Percent between 2007 and 2014.
b. How much inequality does your country have?
In Singapore, income inequality has significantly increased in the past decade. Irrespective of the Gini coefficient measurement or income ratio between the bottom and top deciles, there is evidence pointing at the incontrovertible fact. Singapore is becoming more unequal focusing on the studies in the past decade. Additionally, there are several inequality characteristics’ patterns of Singapore making it rather worrying. Initially, there are increments in the levels of income inequality accompanying wage stagnation as well as real wage declines. This is identified for various segments in the workforce (Veblen 76). For instance, from 2001 to 2008, the last three resident deciles of working persons with experiences of real income declines were registered, and the other two deciles hardly had any form of growth at all. Part of the citizens was in full-time employment with median monthly incomes for work increment by 11% annually in the real terms. From 2001 to 2010, there was income growth in the last decade’s half. The 20th percentile workers experienced minimal increment in their real incomes across the period.
c. What government does your country have? Do you think it has helped or hindered the development?
The Singapore Government is established by the Republic of Singapore’s Constitution. It means that the government’s Executive branch that is comprised of the Cabinet and the President of Singapore plays the steering role. Even though the Singapore President acts within the personal discretion while exercising certain functions as an authority to the Parliament and Cabinet of Singapore, the main role remains ceremonial. On the other hand, the Cabinet is composed of Prime Minister and fellow Ministers with an appointment on the President’s advice controls and directs the Government. The governing cabinet is composed of political parties that have the majority in the general election (Veblen 37). The Republic of Singapore Constitution makes use of the term ‘Government’ to illustrate the Executive branch comprised of the President as well as Cabinet. This describes the Singapore Government in a technical sense and the selected aspects of the Executive branch.
d. Where in the world is your country, and are there any regional concerns that affect its development?
Singapore is a small island with heavy urbanization located in Southeast Asia. This is at the Malayan Peninsula end for both Malaysia and Indonesia. Singapore continues to appreciate the total area of up to 275.8 sq mi (714.3 square kilometers). The Singaporean workforce is multi-cultural with high education, high motivation, and high productivity. The force has plenty of proficiency in English. Singapore continues to appreciate a critical engineering talent base where most engineers in polytechnics and universities steadily expand yearly (Veblen 73). Singapore has invested in an advantageous geographical location into becoming one of the top transportation hubs for both air and sea, transport. The container ports in Singapore are the busiest globally.
e. What is your country’s experience with colonialism? Do you think it is still affecting it today?
The Japanese Empire occupied and conquered Singapore between 1942 and 1945 during World War II. Singapore sought British control in the war’s completion coupled with increased grants on self-government levels. This culminated the merger of Singapore with the Federation of Malaysia mostly in 1963. Social disputes and unrest between the ruling Peoples Action Party in Singapore and the Alliance Party of Malaysia resulted in the separation. Singapore attained independence in 1965, on 9 August (Veblen 72).
f. Address at least one development problem that is important to your country. Have there been any programs to address it/ has any progress been made?
Singapore continues to experience plenty of environmental issues from the mid-1960s. It was during the spike of industrialization leading to an increase in the pollution rates. In 1974, the Ministry of Environment came up to make Singapore part of the first nations to develop ministerial departments. Currently, the country’s environmental issues are handled by the Environment and Water Resources Ministry together with the Public Utilities Board (Veblen 89).
In combating the environmental problems in the country, the government of Singaporean developed Singapore Green Plan across 1992 with new editions of the same between 2012 to take over. The scheme seeks to keep aloof all unstable fauna and flora populations and placing new nature parks. It also connects the existing parks. Its announcement in 2013 enabled the government to start recording the carbon amounts emitted within the country and its percentage that is absorbed by the flora.
However, the rapid development in Singapore into urbanized cities neglects the natural environment (Veblen 72). Various reports publish the nation’s ranking as a critical environmental offender above some other 179 countries.