CASE STUDY: Since becoming an independent nation in 1965, Singapore has been on the rise economically. Although it occupies a small geographical area, its busy port has aided Singapore in gaining economic power. The per capita GNP is one of the highest in the world. The major exports include electronics and chemicals, creating profits that allow for the purchase of raw materials that are not native to the country. As a result, Singapore relies heavily on a strategy similar to entrepôt trading, which involves importing of raw materials and refining them into goods to be exported. Singapore’s economy is considered to be free market, and is developing at a very rapid pace. A strong educational system develops large, skilled workforce
CASE STUDY:
Since becoming an independent nation in 1965, Singapore has been on the rise economically. Although it occupies a small geographical area, its busy port has aided Singapore in gaining economic power. The per capita GNP is one of the highest in the world. The major exports include electronics and chemicals, creating profits that allow for the purchase of raw materials that are not native to the country. As a result, Singapore relies heavily on a strategy similar to entrepôt trading, which involves importing of raw materials and refining them into goods to be exported. Singapore’s economy is considered to be free market, and is developing at a very rapid pace. A strong educational system develops large, skilled workforce, and the business environment up to this point has been relatively corruption-free. Government intervention is generally kept to a minimum, but the government has undertaken several measures to promote further
Do you think that the economy of Singapore will be greatly affected by changes in the financial status of traditional economic superpowers? Why or why not? If the economy is affected, will it be positive or negative?
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