Professional Documents
Culture Documents
Remaking Singapore
Remaking Singapore
Singapore Today
Population 4.5 million
Fertility rate of 1.07 children (3rd lowest in world) Govt planning growth to 6.5 million by 2020
Official languages
English, Mandarin, Malay, Tamil
Early History
Second Century AD First evidence of human settlement Became an important trading post
Declined after 1400 Sacked in 1613 by Portuguese Reverted to a fishing village with few inhabitants until 1819
Sumatran Srivijaya empire 1000-1400 Called Temasek
World War II
British believed in Fortress Singapore Japanese invaded Malaysia on 8-Dec-41
Leap-frogged down Malay Penisula Light tanks and bicycle infantry
Post-WWII Events
1955 Partial internal self-government
Increasing social unrest, anti-colonial feelings Hock Lee bus works strike and riots (1955) Chinese Middle School riots (1956)
Regional investment
Malaysia, Indonesia, China, India, Vietnam
(1997-1998)
In the early 1990s, flood of foreign capital flows into Asia. Short-term foreign currency-denominated loans were used to finance longer-term infrastructural projects. When current account deficits ballooned, MASSIVE CAPITAL FLIGHT force Asian currencies to devaluate while stock markets plummeted.
Exposed The WEAKNESS of
Singapores successful growth model of the past twenty years WASNT GOING TO BE SUFFICIENT for the future growth.
(Short-Term and Long-Term) Improve the relative COST POSITION OF COMPANIES OPERATING IN SINGAPORE Expanding ECONOMIC TIES WITH COUNTRIES IN THE WIDER REGION (India, China, Japan and Australia) to enhance Singapores economic growth.
RECOMMENDATIONS
Turn entire downtown MARINA BAY AREA into an exciting environment and became one of the most visible symbols of the economic transformation
Employers contribution to CPF cut to 9%-13%; monthly salary cap for computing contribution reduced from $6.000 to $4.500; Income tax rate reduced from 26% to 21%; Tax were shifted to a goods and services (VAT), from 3% to 7%; corporate tax was reduced to 20%; etc
50,000 37,500
43,960
25,000
13,740
12,500 Singapore Malaysia Indonesia Thailand South Korea Hong Kong
3,830
5,990
PETROCHEMICALS
The Chemical Process Technology Centre (CPTC) and the Institute of Chemical and Engineering Sciences (ICES), had been set up to provide staff training and research expertise in petrochemical. The petrochemical cluster had been a major part of the Singapore economy (top three oil refining centres in the world) since Sheel built the countrys first oil refinery in Jurong Island in 1961 and accounted for 10,3% of Singaporean industrial output and third largest manufacturing sector in Singapore
FINANCIAL SERVICE
The Financial Industry Competency Standards (FICS), Sept 2005 and June 2006, To increase the supply of skilled workers in the Financial Service Industry by scholarship programs. The Financial Service Industry accounted for 13% to Singapores GDP in 2008 but have had increasingly short supply for skilled workers.
INFORMATION TECHNOLOGY
The Infocomm Development Authority (IDA), regulating telecommunications and promotin ICT usage and The Media Development Authority (MDA), supporting content development across different media platforms, promoted investments in digital media and animation courses.
Information technology services and electronics manufacturing accounted for 8,9% of GDP.
(2008)
Singapore was the first Asian country to enter a recession as the result of global financial crisis. Established THE ECONOMIC STRATEGIES COMMITTEE (ESC), chaired by Minister of Finance and comprised of 25 members drawn from government, unions and companies. The OBJECTIVE was to provide recommendations on how to support sustainable future growth