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Published on October 6, 2008

Author: luv4peace

Source: slideshare.net

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again, this one's on the economy problems faced by the singapore government in the past

Nation-Building: Challenges & Responses Economic Problems faced in Singapore, 1965-1975

Overview a) Nature of problems b) Action taken by Government c) Results of these actions d) Reasons for success e) Evaluate effectiveness of the action taken by the Government f) Challenges and plans for future Singapore

a) Nature of problems

b) Action taken by Government

c) Results of these actions

d) Reasons for success

e) Evaluate effectiveness of the action taken by the Government

f) Challenges and plans for future Singapore

Nature of Problems 1) Lack of natural resources Singapore lacked natural resources (eg. rubber, minerals like tin and gold) These resources were essential for the economic development of Singapore

1) Lack of natural resources

Singapore lacked natural resources (eg. rubber, minerals like tin and gold)

These resources were essential for the economic development of Singapore

Nature of Problems 2) Economy was not well diversified Because the economy was largely dependent on entrepot trade However, neighbouring countries like Malaysia and Indonesia started developing their own ports  entrepot trade was no longer sufficient to ensure Singapore’s continued growth

2) Economy was not well diversified

Because the economy was largely dependent on entrepot trade

However, neighbouring countries like Malaysia and Indonesia started developing their own ports  entrepot trade was no longer sufficient to ensure Singapore’s continued growth

Nature of Problems 3) Unemployment High unemployment was a pressing concern and a major challenge Due to the rapid population growth during the post-war years

3) Unemployment

High unemployment was a pressing concern and a major challenge

Due to the rapid population growth during the post-war years

Actions taken by the Government Provide incentives for Multi-National Corporations (MNCs) to create jobs for unemployed Tried to transform Singapore into a more organised & efficient country  by putting in place high standards of public service (eg. Security, health, education, etc.)

Provide incentives for Multi-National Corporations (MNCs) to create jobs for unemployed

Tried to transform Singapore into a more organised & efficient country  by putting in place high standards of public service (eg. Security, health, education, etc.)

Actions taken by the Government Supported industries Port of Singapore Authority was set up in 1964 to supervise, manage, and develop Government continued to expand the international airport at Paya Lebar In the late 1960s, a container port was built to deal with container ships arriving from other countries

Supported industries

Port of Singapore Authority was set up in 1964 to supervise, manage, and develop

Government continued to expand the international airport at Paya Lebar

In the late 1960s, a container port was built to deal with container ships arriving from other countries

Actions taken by the Government Consulted Dr. Albert Winsemius, a Dutch economist He recommended that Singapore focus on export-led industrialisation and concentrate on manufacturing of low-value products like clothes, textiles, and toys Position itself as a stable & low-cost manufacturing export center to attract MNCs

Consulted Dr. Albert Winsemius, a Dutch economist

He recommended that Singapore focus on export-led industrialisation and concentrate on manufacturing of low-value products like clothes, textiles, and toys

Position itself as a stable & low-cost manufacturing export center to attract MNCs

Actions taken by the Government Provide key infrastructure Public Utilities Board (PUB) established to co-ordinate the supply of water, electricity and gas to the people in residential and industrial areas in Singapore Telecommunications were improved so that the people in Singapore could contact others overseas  enabled establishment of business contacts overseas Banking facilities of 35 major banks were improved, and money was lent to businesses to start new factories

Provide key infrastructure

Public Utilities Board (PUB) established to co-ordinate the supply of water, electricity and gas to the people in residential and industrial areas in Singapore

Telecommunications were improved so that the people in Singapore could contact others overseas  enabled establishment of business contacts overseas

Banking facilities of 35 major banks were improved, and money was lent to businesses to start new factories

Actions taken by Government Economic Development Board (EDB) was set up in Aug 1961 To encourage American, Japanese and European companies to set up businesses in Singapore Had branches set up in these countries to provide information and assist international companies to set up factories in Singapore Foreign companies were given tax holidays – did not have to pay taxes for a few years while they continued operations in Singapore

Economic Development Board (EDB) was set up in Aug 1961

To encourage American, Japanese and European companies to set up businesses in Singapore

Had branches set up in these countries to provide information and assist international companies to set up factories in Singapore

Foreign companies were given tax holidays – did not have to pay taxes for a few years while they continued operations in Singapore

Other roles of EDB To develop and manage industrial estates, eg. Jurong Industrial Estate (JIE)  role handed over to Jurong Town Corporation (JTC) in 1968 To provide loans to new industries To help small industries expand To conduct studies on new types of industries to be set up

To develop and manage industrial estates, eg. Jurong Industrial Estate (JIE)  role handed over to Jurong Town Corporation (JTC) in 1968

To provide loans to new industries

To help small industries expand

To conduct studies on new types of industries to be set up

Results of these actions MNCs are attracted to set up companies in Singapore  created many jobs  reduced unemployment issues Organization untaken in Singapore attracted foreign investors and professionals to invest and work in Singapore (attracted foreign talent)

MNCs are attracted to set up companies in Singapore  created many jobs  reduced unemployment issues

Organization untaken in Singapore attracted foreign investors and professionals to invest and work in Singapore (attracted foreign talent)

Results of these actions By 1971, American Electronics companies were already seeking people as employees  unemployment is no longer an issue Success in JIE (Jurong Industrial Estate) investment, leading to companies providing jobs for more than 21,000 people.

By 1971, American Electronics companies were already seeking people as employees  unemployment is no longer an issue

Success in JIE (Jurong Industrial Estate) investment, leading to companies providing jobs for more than 21,000 people.

Reasons for success P: The government plans for the future. E: Providing suitable technical education for the masses E: Prepare them for a diversified economy in the future with the export-led industrialization educating more people = more people able to be employed + have a steady source of income = social stability + high internal security L: Manpower to help in the export-led industrialisation + social stability + high internal security = SG able to build a stable economy

P: The government plans for the future.

E: Providing suitable technical education for the masses

E: Prepare them for a diversified economy in the future with the export-led industrialization

educating more people = more people able to be employed + have a steady source of income

= social stability + high internal security

L: Manpower to help in the export-led industrialisation + social stability + high internal security = SG able to build a stable economy

Reasons for success P: The government assigned different departments to tackle different aspects of problems. E: Since the problems are interlinked, when the government set up departments to solve the problems at the same time, other aspects of problems could have been resolved or made easier to be resolved for another department. E: Increase in home ownership = increase in social stability = increase in economic stability (with less crimes) L: Assigning of different departments is efficient in solving the economic problem in SG.

P: The government assigned different departments to tackle different aspects of problems.

E: Since the problems are interlinked, when the government set up departments to solve the problems at the same time, other aspects of problems could have been resolved or made easier to be resolved for another department.

E: Increase in home ownership = increase in social stability = increase in economic stability (with less crimes)

L: Assigning of different departments is efficient in solving the economic problem in SG.

Reasons for success P: S’pore has good leaders like Lee Kuan Yew. E: Well-known leaders like LKY make the foreign investors feel assured of Singapore’s political stability and encourage them to invest in SG. Similarly for the MNCs to set up their factories in SG apart from the incentives given. E: Esso and Shell are attracted to establish oil refineries in SG and by mid 1970s, SG became the third largest oil-refining centre in the world. L: Superior leaders, like LKY, have an influence on the foreign countries’ image of SG.

P: S’pore has good leaders like Lee Kuan Yew.

E: Well-known leaders like LKY make the foreign investors feel assured of Singapore’s political stability and encourage them to invest in SG. Similarly for the MNCs to set up their factories in SG apart from the incentives given.

E: Esso and Shell are attracted to establish oil refineries in SG and by mid 1970s, SG became the third largest oil-refining centre in the world.

L: Superior leaders, like LKY, have an influence on the foreign countries’ image of SG.

Effectiveness MNCs: EFFECTIVE Long-term (once investment made, can continue to flourish and expand, thus improving the economy and employment, even now) Gave Singapore recognition on global scale Different aspects of trade BUT: requires money to fund; might be sustained  other methods?

MNCs: EFFECTIVE

Long-term (once investment made, can continue to flourish and expand, thus improving the economy and employment, even now)

Gave Singapore recognition on global scale

Different aspects of trade

BUT: requires money to fund; might be sustained  other methods?

Effectiveness High standards: EFFECTIVE Long-term; unique solution; distinguished them from other countries Universal and long-lasting appeal Beneficial to locals as well BUT: not immediately attainable Port & airport: EFFECTIVE Organised structure; convenience Opened doors to & from other countries and industries

High standards: EFFECTIVE

Long-term; unique solution; distinguished them from other countries

Universal and long-lasting appeal

Beneficial to locals as well

BUT: not immediately attainable

Port & airport: EFFECTIVE

Organised structure; convenience

Opened doors to & from other countries and industries

Effectiveness Development of key infrastructure: EFFECTIVE Benefited many Singaporeans; greater convenience and stability Urgent need to be addressed anyway JIE: EFFECTIVE Centralised, organised plan Singapore as global diversified market Long-term; convenient for further expansion

Development of key infrastructure: EFFECTIVE

Benefited many Singaporeans; greater convenience and stability

Urgent need to be addressed anyway

JIE: EFFECTIVE

Centralised, organised plan

Singapore as global diversified market

Long-term; convenient for further expansion

Effectiveness EDB’s measures: EFFECTIVE Encourages global economy, investors: meets goal Tax holidays and incentives are worth while investments, as company flourishes Studies conducted evidence of planning for future

EDB’s measures: EFFECTIVE

Encourages global economy, investors: meets goal

Tax holidays and incentives are worth while investments, as company flourishes

Studies conducted evidence of planning for future

Challenges faced in 1970s Stiff competition from countries like Hong Kong, S Korea and Taiwan for low-value products Therefore, we switched to producing high-value products (eg. electronics, aircrafts and oil rig industries) Workers specially trained and educated to produce these products

Stiff competition from countries like Hong Kong, S Korea and Taiwan for low-value products

Therefore, we switched to producing high-value products (eg. electronics, aircrafts and oil rig industries)

Workers specially trained and educated to produce these products

Plans Plans to build technology institutes like the Nanyang Technological University for even more people to produce high-value products Build science parks in universities Expand tertiary education

Plans to build technology institutes like the Nanyang Technological University for even more people to produce high-value products

Build science parks in universities

Expand tertiary education

Future Challenges With neighbouring countries struggling with social and economic problems, increased responsibility on affluent Singapore Slowing down economy due to America’s economy recession Increasing labour shortage in low-skilled positions

With neighbouring countries struggling with social and economic problems, increased responsibility on affluent Singapore

Slowing down economy due to America’s economy recession

Increasing labour shortage in low-skilled positions

Plans Attract more foreigners to Singapore

Attract more foreigners to Singapore

Bibliography http:// en.wikipedia.org http://www.slideshare.net/mrsirvinglong/unit-10-singapores-economic-problems-in-1960s-and-1970s

http:// en.wikipedia.org

http://www.slideshare.net/mrsirvinglong/unit-10-singapores-economic-problems-in-1960s-and-1970s

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