Singapore's Economic System
a free market economy
Education and Industry
Growth is experienced
- Singapore founds polytechnic institute's and regulates an education system.
- It directly impacts the consumption of consumer goods and the production of new technology
- The Oil production business also creates new traffic in their ports, making them even richer.
- The airport near Paya Labar has to be expanded in the 1990's due to the boom.
- A port of authority is also established
- The competition in the 1970's- 1990's regarding cheaper production of products, especially in silicon
forces the country to expand the infrastructure and pushes them into being one the strongest economies
today.
What makes them so strong?
The PAP seeks change
- Their geographic position, today they are at meeting points on the East and the West.
- The contribution of a successful republic system, and a hardworking older population
- They do face problems. The transient population and 4 national languages, and bustling expats have
created a clash of culture. Muslims, Indians, Malccans, Chinese, Indonesian, and Middle Eastern often fight. But Singapore's divided sections today like Little Arabia, Little Indian, stand together in peace to have formed the world's 2nd strongest free econmomy.
- They consult a Dutch economist Albert Winsiemius
- They set up manufacturing in three main cities Jurong, Redhill, and Tanglin.
- Economic Deployment Board was established to encourage American's and Japanese to establish technology factories in their countries because it was a major Southeast Asian port.
Problem's faced in the past
Quick Facts
Population: 5.2 million
GDP (PPP): $291.9 billion
14.5% growth
6.4% 5-year compound annual growth
$56,522 per capita
Unemployment: 2.1%
Inflation (CPI): 2.8%
FDI Inflow: $38.6 billion
- In the early 17th century they had been colonized by the British
- The country searched for a national identity among the clashing culture's, spurring civil unrest.
- 1819, and operated as a free port with free markets
20th century problems
- Eventually the country become's a free republic after political unrest with the countries of Malaysia and Indonesia.
- Then People’s Action Party (PAP) takes over in 1965
- British forces leave the country, creating a mass of unemployment for the locals who worked in their
buildings