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Managerial Economics

UNIQUELY SINGAPOREPresented by:Jayesh Bendale 64 Mitali Kapadia 78 Tejal Mehta 85 Naval Sakhare 98 Fahad Shaikh 105 Siddhesh Tigdi 118


Geography Area: 710.3 sq. km. Cities: Capital--Singapore (country is a city-state). Terrain: Lowland. Climate: Tropical.People Population (June 2010): 5.077 million (including permanent residents, foreign workers). Annual population growth rate (2010): 1.8% (total); 1.0% (Singapore citizens and permanent residents). Ethnic groups (2010): Chinese 74.1%, Malays 13.4%, Indians 9.2%, others 3.3%. Religions: Buddhist, Taoist, Muslim, Christian, Hindu. Languages: English, Mandarin and other Chinese dialects, Malay, Tamil. Education: Years compulsory--six. Literacy (2009)--96.3%. Health (2009): Infant mortality rate--2.2/1,000. Life expectancy--79.0 yrs. male, 83.7 yrs. female. Work force (June 2010, 3.053 million): Manufacturing--17.8%; services--68.9%; construction--12.7%.

The Island rose in importance during the 14th century under the rule of Srivijayan prince Parameswara and became an important port until it was destroyed by Portuguese raiders in 1613 The modern history of Singapore began in 1819 when Englishman Sir Thomas Stamford Raffles established a British port on the island. Under British colonial rule, it grew in importance as a centre for both the India-China trade and the entrecote trade in Southeast Asia, rapidly becoming a major port city. After the World War II Singapore reverted to British control, with increasing levels of selfgovernment being granted, culminating in Singapore's merger with the Federation of Malaya to form Malaysia in 1963. Singapore became an independent republic on 9 August 1965. Since independence, Singapore's economy has grown by an average of nine percent each year. By the 1990s, the country had become one of the world's most prosperous nations, with a highly-developed free market economy, strong international trading links, and the highest per capita gross domestic product in Asia outside of Japan.

The only resource that could be a basis for the economic development and prosperity of Singapore is its labor force, more specifically the training of its labor force. Singapore could not hope to compete upon the basis of the cheapness of its labor; it had to create technical skills that are unavailable elsewhere in the Third World. The local industry was limited to trade and did not have the capability of creating export industry. One of the keys to Singaporean development was the upgrading of infrastructure, streets, roads, an airport, port facilities. The upgrading was financed not primarily by borrowing but by a special infrastructure tax. The strategy was to improve the training of Singaporean workers through government training institutes. A typical training program would meet twice a week for three-hour sessions over a two year period. The training was voluntary and free and it was geared to the needs of the companies operating in Singapore at that time.

Apple Computers was one company that located facilities in Singapore

Apple made this decision on the basis of Singaporean workers being able to duplicate the operations of its American plant and that further lowered costs. The government training program proved to be so beneficial to employers that they acquiesed to a special tax to help pay for it.

Singapore is the world's easiest place to do business

ECONOMY SingaporeHong Kong SAR, China New Zealand United Kingdom United States Denmark Canada Norway Ireland Australia

2011 RANK 12 3 4 5 6 7 8 9 10

2010 RANK 13 2 5 4 6 8 10 7 9Source: Doing Business 2011 Report, World Bank Note: The rankings are from the Doing Business 2011 report, covering the period June 2009 through May 2010.

Economic Performance

Singapore ranked No. 2 as a city with the best investment potential for 6 consecutive years Singapore is the world leader in foreign trade and investment

Economic Indicators

Gross Domestic Product (GDP) in 2010 GDP Growth 14.7% GDP at current market price ($m) 303,652.2 Per capita GDP at market price 59,813.0 Money supply 112,465.5* Official foreign reserves 288,954.1 *Refers to the currency in active circulation and private sector demand deposits at end of year

Trade (2010) Total trade ($m) Total imports ($m) Total exports ($m)

902,062.6 423,221.8 478,840.7

Productivity and Inflation Annual Growth in Labour Productivity (%) Annual Inflation Rate (%) 10.7 2.8

Employment (2010) Labour force ('000) 3,135.9 Employed persons ('000) 3,102.5(Preliminary) Unemployment rate* (%) 2.2 (Preliminary) Labour force participation force**(%) 66.2 Males 76.5 Females 56.5 * Adjusted seasonally

Literacy and education rates in 2010 Literacy Rate* (%) 95.9 Secondary or higher qualifications** (%) 91.7 Average number of years spend schooling*** 9.9

FUTURE OF THE COUNTRY Singapore doesnt have a steady GDP growth rate in the year 2009 it was -1.9% where-else in the year 2010 it is 14.7% it doesnt have steady GDP growth rate like India and China . A Major cause of concern for Singapore. Singapore doesnt have any natural resources its economy is mostly depended on the Manufacturing of Electronics, Chemical products etc.

Singapore is serving as regional headquarters for more than 3000 MNCs (Multi National Companies). Singapore has a stable and Corruption Free Government. No Political Violence. Singapore's strategic location on major sea lanes and its industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size

Singapore is going to spend SGD18-20bn ($12US-13bn) on infrastructure development . Foreign investors are welcomed and enjoy transparent legal and regulatory systems and an efficient bureaucracy. No restrictions exist on foreign exchange transactions or the reinvestment or repatriation of earnings or capital.

Singapore is more open and flexible in signing free trade agreements with potential partners. Singapore strongly feels that bilateral trade agreements are the effective means to address the stiff competition from other players like China and India.

VISION OF SINGAPORE GOVERNMENT In a globalized economy where Singapore is the key node in the global network, linked to all the major economies; a creative and entrepreneurial nation willing to take risks to create fresh , businesses and blaze new paths to success; and a diversified economy powered by the twin engines of manufacturing and services, where vibrant Singapore companies complement MNCs, and new startups coexist with traditional businesses exploiting new and innovative ideas.