EGSD (Singapore)

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Report on Singapore

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  • Group 5 Yash Goradia 17 Dhairya Kajaria 28 Ankita Rathi 42 Jaspreet Sandhu 46 Sahil Sanghvi 48 Shriraj Shetty 55

    Growth Model of Singapore

  • 2 [GROWTH MODEL OF SINGAPORE]

    Index 1. Top 10 things you did not know about Singapore 2. Welcome to Singapore: Quick Facts 3. Sectorial Distribution Manufacturing Sector Service Sector Top 10 exports Top 10 imports Corruption in Singapore

    4. Singapores History and Structure 5. The Growth Model Policies through the years Present day policies Policies conducive to growth Ease of doing business Investment in Education Investment in Infrastructure Investment in Environment Singapore: Financial Hub What contributed to the growth? HDI Singapores report card

    6. The Porter Model 7. References

  • [GROWTH MODEL OF SINGAPORE] 3

    TOP 10 THINGS YOU DID NOT KNOW ABOUT SINGAPORE

  • 4 [GROWTH MODEL OF SINGAPORE]

  • [GROWTH MODEL OF SINGAPORE] 5

  • 6 [GROWTH MODEL OF SINGAPORE]

    Welcome to Singapore: Quick Facts

    POPULATION

    Population: 4.6 million

    GDP (PPP): $314.9 billion

    4.9% growth

    5.7% 5-year compound annual growth

    $59,711 per capita

    Unemployment: 2.0%

    InWlation (CPI): 5.2%

    FDI InWlow: $64.0 billion

    Singapore, 4,658

    China, 13,31,400

    India, 11,56,898

    USA, 3,07,212

    South Korea, 48,509

    0

    2,00,000

    4,00,000

    6,00,000

    8,00,000

    10,00,000

    12,00,000

    14,00,000

    1971

    19

    73

    1975

    19

    77

    1979

    19

    81

    1983

    19

    85

    1987

    19

    89

    1991

    19

    93

    1995

    19

    97

    1999

    20

    01

    2003

    20

    05

    2007

    20

    09

  • [GROWTH MODEL OF SINGAPORE] 7

    The population of Singapore its less than 1 % of Indias and Chinas population. Singapore has a healthy sex ratio of 970 females for every 1000 males and the average age is 38 years, which is pretty healthy compared to Japans 44.5 years but as compared to Indias 25.5 years, it is very high. It is a wrong notion that GDP is one of the most common indicator to understand a countries growth and performance of the country through the years. If you see here the GDP of Singapore compared to other countries is very low but the per capita (i.e. but considering the size of the population) is an actual indicator of the economic conditions. And as you see here Singapore is one of the top ranking nations when it comes to per capita GDP. Now lets go deeper into understanding the formulation of Singapore's economy and which sectors contribute toward its GDP. Being a nation with low resources (which will be explained later), Singapore is dependent on one of its most important growth factor i.e. the Human capital. And so, the contribution for the service sector is high. GDP OF SINGAPORE COMPARED TO OTHER NATIONS

    In the chart above, USA tops the chart with a GDP of $94,85,136 followed by China ($89,08,894), India ($34,15,183), South Korea ($948,906) and Singapore ($129,521).

    Singapore, 1,29,521

    China, 89,08,894

    India, 34,15,183

    USA, 94,85,136

    South Korea, 9,48,906

    0

    10,00,000

    20,00,000

    30,00,000

    40,00,000

    50,00,000

    60,00,000

    70,00,000

    80,00,000

    90,00,000

    1,00,00,000

    1971

    19

    73

    1975

    19

    77

    1979

    19

    81

    1983

    19

    85

    1987

    19

    89

    1991

    19

    93

    1995

    19

    97

    1999

    20

    01

    2003

    20

    05

    2007

  • 8 [GROWTH MODEL OF SINGAPORE] PER CAPITA GDP OF SINGAPORE COMPARED TO OTHER NATIONS

    In the chart above, the order of the nations completely changes. USA still remains on the top with the Per Capita GDP of $31,178 followed by Singapore ($28,107), South Korea ($19,614), China ($6,725) and India ($2,975).

    Singapore, 28,107

    China , 6,725

    India , 2,975

    USA, 31,178

    South Korea, 19,614

    0

    5,000

    10,000

    15,000

    20,000

    25,000

    30,000

    35,000

  • [GROWTH MODEL OF SINGAPORE] 9

    Sectorial Distribution

    MANUFACTURING SECTOR

    21%

    4% 2%

    68%

    5%

    Sectorial contribution Manufacturing Construction Utilities Services Industries Ownership of Dwellings

    Electronics 25%

    Chemicals 8%

    Biomedical Manufactu

    ring 25%

    Precision Engineerin

    g 15%

    Transport Engineerin

    g 16%

    General Mftg.

    Industries 11%

    Manufacturing Sector

  • 10 [GROWTH MODEL OF SINGAPORE] SERVICE SECTOR

    TOP 10 EXPORTS TOP 10 EXPORTS % Share % Growth

    Petroleum Products 25.1 -4.9

    Refined Electronic Valves 20.0 -2.6

    Telecommunications Equipment 2.9 0.9

    Parts and Accessories 2.9 -14.3

    Data Processing Machines 2.3 10.7

    Specialised Machinery 1.9 9.0

    Electrical Circuit Apparatus 1.7 1.3

    Measuring Equipment 1.7 9.4

    Electrical Machinery 1.6 -1.4

    Organo-Inorganic Compounds 1.6 -13.5

    Total exports 100.0 -0.9

    Wholesale & Retail Trade

    25%

    Transportation & Storage

    11%

    Accommodation & Food Services

    4% Information & Communications

    6%

    Finance & Insurance

    17%

    Business Services 21%

    Other Services Industries

    16%

    Service sector

  • [GROWTH MODEL OF SINGAPORE] 11

    TOP 10 IMPORTS TOP 10 EXPORTS % Share % Growth

    Petroleum Products Refined 20.4 -4.3

    Electronic Valves 15.4 4.3

    Petroleum Crude 10.5 18.1

    Telecommunications Equipment 3.5 -1.1

    Aircraft & Associated Equipment 2.1 26.5

    Parts and Accessories 2.1 -8.5

    Data Processing Machines 1.8 7.3

    Non-electric Engines & Motors 1.7 16.3

    Natural Gas 1.6 24.6

    Civil Engineering Equipment Parts 1.6 6.2

    Total Imports 100.0 3.2

    CORRUPTION IN SINGAPORE

    The corruption in Singapore is one of the least in the world, most of the countries around it are highly corrupt but Singapore with such a high cultural diversity still has been able to maintain very low corruption rates.

  • 12 [GROWTH MODEL OF SINGAPORE]

    Singapores History and Structure How did a country with no natural resources, infertile land and high cultural diversity, which is just spread across 63 islands which in total were just about 580sqkm managed to be one of the most advance nations with high GDP and HDI rank? Part of the answer lies in its history and the other part in its structure. Ever since the 14th century the island of Singapore is been important because of its strategic location. The land has for most of its history been under foreign rule of which most recent was the East India company (British) and Japanese. The Residence in the region have seen a lot of hardship and have earned their freedom and so they have a very hardworking and dedicated nature, which combined with the open and free flowing policies of Singapore have given a very strong frame work for the county to prosper. Singapore consists of 63 islands. There are two man-made connections to Johor, Malaysia: the JohorSingapore Causeway in the north, and the Tuas Second Link in the west. Jurong Island, Pulau Tekong, Pulau Ubin and Sentosa are the largest of Singapore's smaller islands. Ongoing land reclamation projects, which have increased Singapore's land area from 581.5 km2 (224.5 sq. mi) in the 1960s to 704 km2 (272 sq. mi.) today; it may grow by another 100 km2 (40 sq. mi) by 2030. Some projects involve merging smaller islands through land reclamation to form larger, more functional islands 5% of Singapore's land is set-aside as nature reserves. There are only about 250 acres of farmland remaining in Singapore.

    The Growth Model

    POLICIES THROUGH THE YEARS Singapores economic growth can be classified into four periods:

    The first period (1965-80) : The government's main policy objectives were to promote growth by attracting foreign direct investment (FDI), create jobs and expand productive capacity (Peebles and Wilson 1996). During this period, Singapore achieved rapid growth and primarily exported textitles,garments and electronics. However, its economy was also affected by the worldwide recession of 1974-75, which had been caused by the 1973 oil crisis.

    The second period (1980-90) was shaped by government policies launched in the late 1970s and early 1980s to restructure the industry by focusing on high-tech manufacturing and high value-added services. A deep recession began in 1985 which was partly caused by a slump in global demand, especially from the United States (Rigg 1988).

  • [GROWTH MODEL OF SINGAPORE] 13

    The two periods after 1990 were influenced by the government's strategic plan to transform Singapore into a developed nation, which emphasized qualitative development. By this period they were engaged in biotech research, pharmaceuticals, and aerospace engineering.

    These two periods, and especially the 2000-10 period, were also