Economic Environment of Singapore - 3298 Words

International Marketing 560 Economic Environment of Singapore Laura L. Erwin-Hall October 12, 2007 Home to some 4.48 million people (based on the last census in 2005 reported in 2006), Singapore is the fourth most densely populated country in the world and has one of the highest per capita gross domestic products in the world.1 The employment rate is 2.40 million (June 2006), with unemployment at an all-time low at only 2.5 percent. The labor force consists of mainly manufacturing, transportation and communication, construction, and financial, business, and other services. Singapore is orderly, prosperous, and modern. According to Richard H.K. Vietor, a Harvard Business School professor, Singapore, along with†¦show more content†¦(1) The government s role is to provide private enterprise a stable environment in which to thrive. The main focus of the Singapore s government spending is on essential public goods and services to Singaporeans. Key areas of expenditures are on education, public housing, health care, and national security. (2) Tax and expenditure policies should focus on incentives for saving, investments, and enterprise. Singapore s main source of governmental savings comes from taxes which are then used to increase economic competitiveness and attract foreign investments. Singapore is ranked number one for economic freedom. This combination of fair tax policies and the careful expenditure program, along with high economic growth has allowed Singapore to gather consistent budget surpluses. Their fiscal policy has also contributed to Singapore s high savings rate and allows it to achieve one of the highest investment rates in the world. In addition, Singapore does not have any foreign debt. The government promotes high levels of savings and investment through a mandatoryShow MoreRelatedThe Political Risk Environment Is Predominantly Favorable For International Expansion1027 Words   |  5 PagesThe political risk environment is predominantly favorable for international expansion. Singapore has low political risk and was ran ked as having the lowest political risk in the continent by the Political and Economic Risk Consultancy. Singapore is quite politically stable with a solid government and positive relations with neighboring countries. The political environment of Singapore is very stable. Singapore’s government is a parliamentary republic and The People’s Action Party (PAP) has ruledRead MoreWhy Sustainability Is Important : Our Worldwide Future Depends On It1283 Words   |  6 Pagesâ€Å"sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs† (para. 1). 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The pharmaceutical and petroleum refining industry are the fasters developing sectors in the country, what can be bias for NEOB to provide plants and its’ products for medicine and pharmaceutics. Political Environment TheRead MoreInfluence Of Developed Nations During The Development Of Post Colonial States1420 Words   |  6 PagesCountries. Singapore believes in the importance of ODA and promotes continued support for countries in need. Singapore recognizes how ODA contributed to the early development of Singapore, and is dedicated to giving back. However, Singapore is a small nation with limited resources, and cannot provide the same level of assistance as larger countries. Singapore does not give monetary aid, but has, over the past two decades, provided educational assistance to developing countries through the Singapore CooperationRead MoreEssay about The ECommerce Environment of Singapore1496 Words   |  6 PagesThe ECommerce Environment of Singapore Geography The Republic of Singapore is located in southeast Asia, south of Malaysia and northwest of Indonesia. The island measures a total of 637 square kilometers with a coastline 193 kilometers long. Singapore is generally comprised of lowland areas with a central plateau in the middle of the island. Its elevation ranges from the Bukit Timah, (166 m.), to the Singapore Strait which is at sea level. Its climate is tropical and wet. Precipitation