Singapore’s Economic Competitiveness

capital of capital of capital of capital of capital of Singapores Economic CompetitivenessIntroductionAccording to the global free-enterprise(a)ness report 2014-2015, Singapore has retained their place as the closely competitive economies in the S emergeh East Asia. Singapores economic rank second in the world just behind the res publica Switzerland for the fourth crock up consecutive. Singapore had owning an outstanding and stcapable performance across all the dimensions of the GCI. In addition, Singapore had tops the goods securities industry efficiency pillar and ranks second in the force back market efficiency. Over decade years, Singapore unemployment rate has obviously decreasing, this refer Singapores labor force has strong active population toward to give in aver stimulate the development to the country. Further more than, Gross Domestic Product (GDP) in Singapore tremendously expanded 3.20 percent in the first tooshie 2015 over the previous quarter.2.0 The Cause of the High Economic Competitiveness in SingaporeMacroeconomic environmentRegional Co-operationAs the globalization permeates our modern world, interpolate can be said to be only constant to Singapore. As Singapore celebrates its Jubilee year, contemplating where it stands in ASEAN is important to carve out a path to defy constantly develop to successful country. The future of Singapore should non only improve within it country to appease ahead and relevant, Singapore should also to watch how the world affects us. Hence, Singapore need to building stronger ties in between neighbors countries.The association of South East Asiatic nation known as ASEAN is a 12 member international body, thats consists the country of China, Thailand, Laos, Vietnam, Philippines, Brunei, Cambodia, Indonesia, Myanmar, Malaysia, India and Singapore. The physical object of ASEAN is aim to promote collaboration and co-operation among its member states as well as to advance the interest of the piece a s whole, including economic and trade branch (). Singapore had a crucial role in building economic ties within the region of ASEAN, it lead Singapore economic market trading with ASEAN countries. As Asias most mature financial center, Singapore has a key role to play in ASEANs economic transformation. It attracted more public and private funding by means of export agencies or bank to invest Singapore to trade finance to allow more Asian companies to reach global market.As today prosperous of China, Singapore has to conking with China to explore more new opportunities to maintain it economic position. Singapore integration with China leave be inevitable in near future, it whitethorn allow Singapore be able to maintain independence through economic ties with the US market. According to China moving up the value chain, Singapore will need to build stronger diplomatic with China in clubhouse to further exploring Sino-Singapore co-investment in other market. The developing of Sino- Singapore co-investment will benefits to Singapore and even to ASEAN could be profitable as it rides on the trend of growing outbound Asian foreign direct investment to other high-growth market.Global Economic OutlookGlobal growth is forecast at 3.5 percent in 2015 and 3.8 percent in 2016, global economic growth remains moderate with uneven prospects across the main countries and regional. In year 2015, World Economic Outlook (WEO) report that the observatory of global advanced economic compare relative to last years has improving, while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries.In the join States, underlying growth has remained solid all season. However, while lower energy prices contrive boosted growth momentum in the United States, they pose downside risk to the Canadian deliverance owing to the relatively large size of its energy sect or. The economy of United Stated has been resilient to the weaker external conditions and the strengthening dollar. Besides that, United States has shown solid improvement into labor market and business as well as the consumer behavior. It may develop United States on labor market to recovery fast pace, boosting household incomes and confident.In the Europe area, activity was weaker than expected in the middle part of 2014 as private investment remained weak. Although growth was stronger than expected in fourth quarter, but uncertain still across countries. The substantial QE program carries out by the European Central Bank can harbour positive effect on sentiment, but whether it will product critical effect to boost the growth outlook is debated. In the financial market of Europe, pricing in the ECB policy actions positively remained supportive. ECBs action will able to improve financial conditions in order to boost economic into the stronger momentum at end of 2015.Microeconomic EnvironmentImprove Innovation and ReformationIn the microeconomic environment of Singapore, Singapore improve it country innovation and reformation to increase competitiveness. These innovation and reformation allow Singapore boosts it economic to moving upward. An innovation and reformation can be created in m either ways, which can be in sector of technological or sector of science innovation. No matter what quality innovation or reformation is, it should wait onful Singapore development into a modern city. New innovation and reformation will helps Singapore industries to save much time toward extend and labor force. Innovations stands a vital role to transforming Singapore to developing country to a modern industries economy in one generation and bear innovating so Singapore will able to stay competitive in the global economy.Human CapabilitySingapore had strong education system to enhance it country human capability. Singapore student are aims high and they achieve a very g ood result. didactics in Singapore is managed by Minister of Education (MOE), which control the development and administration of state school as well as has advisory and supervisory role in respect of private schools. MOE provided a good environment with capable leader and teachers and also perfect facilities to the youth which are helpful to develop student skill and knowledge in order to take Singapore forward to maintain it economic competitiveness in future. Moreover, Singapore education systems are best and has been recognize in the world, this bringing tremendously opportunity to Singapore residents which allow them to survive in global challenge. Singapore has achieved almost universal education at each level of schools which will able to enhance student human capability to prepare them for knowledge based-economic and help to build national identity.3.0 The Challenge to Singapores economic competivenessLacking of innate resourceSingapore has limited land area and limited of cancel resource, it will cause Singapore facing challenge to further developing without any of this natural resource. Singapore is a small island nation with over 5.3 billion people, but it is face difficult problem with their insufficient of resource to supply to these 5.3 million residents. The major natural resources issue that Singapore facing are, limited natural freshwater resources and limited land availability presenting waste disposal problem and so on. It could lead the problems to Singapore that people have no access to wipe water in time of future and quarter of people will wishing adequate housing.Meanwhile, lack of resource will create wide-range problems such as unemployment, housing and people which will affect their life system. Domestically, Singapore does non have enough arable land to produce its own food, it heavily relies on imports which will result the price are extremely expensive to it residents. Lacking of natural resource will also slower down Sing apore economic growth as well as affect to the overall GDP on economic development. With limited natural resource, Singapore will unable to produce more domestic goods to export to other countries which will become barriers to it economy when competitive to other developing country.Human Resource Development HamperA confidence labor market is the great asset of country. Singapore labor market had insufficient skill and unskilled worker in today workforce. Due environment changing rapidly with the jobs, the criteria of jobs will be different and skill will need to change, it should not remain on the past. When worker lack of skill and unskilled to enter the workforce, it may take a certain time to require them in order to join workforce, more or less it will affect the productivity of Singapore hamper. Meanwhile, it will also affect Singapore economy downturn. When workers are unskilled, it may lead to low morale among worker which results in worker turnover. In addition, Singapore unemployment rate will be increase when worker didnt adopt a new idea and new skill.Nevertheless, Singapore productivity rate will decrease due to unskilled worker not well knows to perform their jobs confidently. Unskilled worker spend considerable time to perform their jobs based on their own understanding which affect detriment of the work process. This could also lead errors and injury on workplace. Furthermore, supervisor and other worker need to spend time to monitoring unskilled worker, which detracts from their work and increases the amount of time necessary to complete production. Singapore facing uncertain economy problem which people unwilling continue upgrading and economics growth will be in period of recession.4.0 The economic strategies and government policies for Singapore future improvementEnergy efficiency and renewable resourcesAs Singapore is city-state with lack land area to development, it is not particular rich in natural resources. The challenge that Singapo re is facing on focus water resource has been a country across the globe. Thus, Singapore has to carry out with an efficient water management policy to ensure sustainability of water over the period of time. Singapore should further devise water management strategies to manage limited water resource. Singapore should through research and technology to found an integrated with further carry effective and cost-efficient ways to elucidate water supply issue. Singapores national water agency PUB has implemented a policy to provide diversified supply of water. These survey water supply consist the method of local catchment water, imported water, highly-purified reclaimed water also known as NEWater and desalinated water.Moreover, the sustain increasing demand in energy, government of Singapore should developing the technology for various source of renewable resource in Singapore and to leverage on renewable resources to implement in large scale and commercially viable manner. Renewabl e resources have become a focal point of the environment movement in both politically and economically and energy obtained from renewable resources put less strain on the limited supply of non-renewable resources. Singapore government should use of bios mass as renewable resource. Bios mass is any derived organic matter, which is available on a renewable basis. On the other hand, bios mass able stored solar energy that can be converted into electricity or fuel.Singapore has great potential to harness solar energy due to this country located in the equatorial belt. Singapore able builds a solar power manufacturing plant to product solar energy. The solar energy plant able to produce wafer, cells and modules in the ways for employ to generate solar power. Use Solar energy is lead to reduce the demand of electric current and solar power is much reliability than electricity.urban Planning to SingaporeAn urban proviso is planned for Singapore for a long-term sustainability to further d eveloping Singapore to a discontinue country. The main objective urban readiness of Singapore is to priority ensuring catering for the economic growth and a good quality of life as well as maintains the clean garden city and making the best of using resources. An urban plan approach to sustainable development is far-sighted, holistic and comprehensive planning to Singapore, which able to help Singapore take into account of the global changing as well as future development through an integrate planning process.An urban planning is significantly in development future of Singapore, it should also offer a good quality of life for all residents. Thus, the key aspect of urban planning is in ensuring that housing is available and affordable. With over 50 million people in Singapore, land is important to set aside for variety of housing type to meet various types of needs and aspiration. So, the range to purchasing of house should provide from affordable and quality high rise public housi ng where allow 80 per cent of the population lives.As Singapore is the city to address complex urbanization and uncertain environmental challenges of the future, there is a necessary to seeking out viable new ideas, innovation, technologies and other final result to against with the global economic changing. Thats the reason why Singapore developing living laboratory. Numerous of companies and research nominate are in partner with urban planning authority of Singapore developed new technologies and have been testing out the new urban solution that can be commercialized and replicated elsewhere. In order to Singapore create cooler and more comfortable environment that every people could enjoy, urban renovation authority also known as URA is leading an ongoing climatic mapping island-wide study that examines the impact of building, greenery and urban space on micro-climatic conditions alike(p) air flow and temperature. The aim of urban design study is to help Singapore design stra tegies that can leverage on climatic conditions to create better living environment.5.0 ConclusionWhile the economy will move upward and downturn in the long run, it is hard predictable what will happen in the future development of Singapore. Singapore may face uneven challenge in the future, in keeping the economy strong, raising total fertility and further to growth competitiveness while global economy changing rapidly. However, with the government policy play important role to maintain upgrade and keep footing the economic development this could lead Singapore to stand great confidence in against global economic competitiveness. In the global economic, Singapore remain confident that the global economy able to gain momentum due to US economy set accelerate to itself fastest pace and oil price remain low. With good reputation on trading experience in import, export market and shipping market, Singapore able to integrate with other countries develop more competitiveness market. Mo re or less, it could also boost Singapore economy to a better result in consumer confidence. Singapore will able to keep growing as modest city with it strong economic system in competitions of globalization