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History Economics

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Tan Jian Shiun

on 8 May 2014

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Transcript of History Economics

Actions done to boost economy
The economic problems faced
How did Singapore's economy respond?
Government's solutions
Economic Results
The 1980s
Unemployment rate dropped from 10% - 12% to 3.5% in the end of the 1970s
manufacturing sector grew to 25% of GDP
Singapore was gaining fame and reputation for annual growth of 10% in GDP
Government supported its continued objective of heading the economy towards higher productivity and higher-skilled industries and services
Singapore faced a very tight labor market with increasingly high pressure on worker's wages
growing number of other emerging economies
Singapore’s economy was not branded as one which could provide low-wage workers anymore
thus needed to stay competitive in the global market
Late 1970s - 1980s
Vol XCIII, No. 311
The Economic Problems
Singapore's Industrialization
Government's solutions
In the 1970s, unemployment rate was high around 10%
Economic challenges such as skepticism from British's withdrawal from the island and Indonesia's policy of confrontation
Singapore's government had no more support from the British Government
Separation of Malaysia and Singapore had ruined the original plan of forming a common market in the Southeast Asia region which would have made Singapore attractive to foreign investors

National Computer Board was formed in 1981 to establish good knowledge and training of workers in IT industries
also to provide a IT savvy workforce to attract global IT firms to sell their softwares through Singapore
developed a plan to implement a culture of IT use and applications in Singapore's firms to promote business made in the US
The Government also spent a lot of money to develop and build new infrastructure
Singapore's Economics
Arya Arun (2)
Benjamin Cher (5)
Tan Jian Shiun (20)
Xavier Teo (23)
annual growth rate dropped
from the double-digit figures of 1966-1973 to 6 per cent and 4 per cent in 1974 and 1975, respectively.
recession was caused by the price increase for crude oil
Monetary Authority of Singapore (MAS)
In 1975, MAS reduced the minimum cash reserve ratio
cut in MAS rediscount rate for export and pre-export bills
The Government
Asked U.N to send economic advisors
Establish foreign investment
Led by Dr. Albert Winsemius
Provide one-stop general and procedural info
In 1976, Singapore's economy began to pick up
Industries such as:
Electrical and electronics industry
Petroleum refinery
Export-oriented industries such as textile products
Domestic-oriented activities such as printing
contributed to the recovery of Sinapore's economy

Emphasis Shift
From older industries such as
rubber, wood and metal products
To Rapidly developing industries
Such as :
Electrical and Electronics Industry
Petroleum products
Industrial machinery
Fabricated products
Late 1970s
Growing complexity of Singapore's
led to growth of original equipment manufacturers
skill-based but labour-intensive electronics industries shifted from industrialized countries to Singapore

Economic Development Board
Review tax incentives scheme to keep Singapore attractive to foreign investment
Tax incentives scheme was extended
Seeked joint venture partners and new technology in the US to speed up industrialisation in 1980
Major companies in Singapore presently that started then
Singapore Airlines

Played supporting roles

Development bank of Singapore
Establish financial services
The Government's effort and the creation of the NCB
Economic Results
high GDP growth rate of 7.3%
proportion of skilled employees rose 11% in 1979 to 22% in 1985
IT domestic and export sales have increased up to 10 times by 1990
worldwide recession in 1985
GDP declined by 1.8%
Government continued to focus on:
high technology
information technology
service sectors
1986 growth: 1.8%
1987 growth: 8.6% (The Wall Street Journal)
Full transcript