Competitive Economics In Singapore

INTRODUCTION

1.1 The reasons of Singapore's is the most competitive economics in Southeast Asia

Singapore is a country with the world's freest markets. Singapore has ethnic population with largest working class and vast majority of skilled workers. Singapore location that is strategic, the largest industry is the port revenues, the effect of finance-banking sector, high standards of education and strict immigration policy.

According to (Geiger, 2014) Singapore focuses on to built infrastructure, health and education and technological out of 12 factors. Singapore's competitiveness is enhanced by its strong focus on education. The productivity of Singapore is supported bt the finance and banking sector that also offers the excellencies in

Market competition spurs firms to be more efficient, innovative, and responsive to consumer needs. Consumers enjoy more choices, lower prices, and better products and services. The economy as a whole benefits from greater productivity gains and more efficient resource allocation. Therefore, wherever appropriate, Singapore has opened up sectors of the economy to market competition.

The Economic Review Committee recommends a national competition law to implement it with purpose to create competitiveness for SMe or MNC with equal start, creating conducive business environment. The objective of the competition law is to encourage the resourceful functioning of Singapore markets and thus boost the competitiveness of economy. The law seeks to forbid anti-competitive actions that out of all proportion prevent, curb or alter competition. The Competition Act will pertain to commercial and economic activities carried on by private sector entities in all sectors, despite of whether it’s owned by a foreign entity, a Singapore entity, the Government or a statutory body. Nonetheless, as the target of competition law is to control the conduct of market players, it will not be relevant to the Government, statutory bodies or any person acting on their

To achieve world-class economic infrastructure and services, government pays extra attention in this sector. Singapore tax policies contain about the government funding that also aims to improve economic competitiveness as well as attracting the foreign investments in Singapore. The successfulness of Singapore fiscal policy is because of the combination of fair tax policies and careful expenditure program which also support the monetary policy in promoting sustained and non-inflationary economic growth.

Singapore was the world’s third largest oil-trading center and as the center for refining petroleum. Petroleum and petrochemicals are among Singapore’s main industrial and economic sources of wealth. Additionally, it was the second largest builder of drilling rigs. Their facilities for repairing and maintaining existing rigs and tankers were among the most competitive in