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  • Essay / Economic Growth in Singapore - 1545

    IntroductionFor years, headlines about Asian countries have been known around the world for their economic improvement and development. According to (Investopedia, 2014), Singapore, Hong Kong, Taiwan and South Korea are known as the “four tigers” due to their most successful economies. Indonesia, Malaysia and Thailand will soon follow. first class status. Services in Singapore play the largest role in the economy. Official publications (Domestic Economics Division, Department of Economics, 1998) show that Singapore's largest contributing financial and business services will soon follow commerce, transport, communications, social, community and personal services. We will look at some factors about Singapore's economy on how the country achieves its macroeconomic stability. Neoclassical growth theory is the example of Singapore's rapid growth due to its technological advancement and human capital as priority. What are the factors that contribute to Singapore's success? Below are the six lists of factors that can lead to Singapore's long-term success. A. Fundamental RightFew factors of fundamental right include education, social welfare and medical education. Education is the essential element of economic development. Along with education, it contributes to the quality of productivity, expertise of the workforce and increased income of the person. The Singapore government ensures that education is of the highest quality. Education for primary and secondary school will have to undergo a total of 10 years of compulsory education and the student will then be marked...... middle of paper ......ngs or activities associated with crime or terrorism, prohibited weapons, drugs and piracy. If anyone is found guilty, legal action will be taken against those who practice corruption or crime. Singapore will continue to succeed economically. According to the published article (Kevin, 2014), In the first quarter of 2014, on an annual basis, Singapore's economy grew by 5.1 percent compared to the previous month from October to December when it was less than 5.5 percent. Although it is the best economically, Singapore is also the most expensive place to live. Everything in Singapore is expensive, including buying cars, food, real estate, public transportation, clothes, bags, etc. As prices rise, it will affect low-income people. income and elderly people. How much can Singaporeans afford the higher cost of living? These questions will remain