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Economic Growth In Singapore Essay

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Economic growth and economic development are two terms that are not foreign in economics. Economic growth is a condition in which the gross domestic product (GDP) of a country or region is seen as increasing, whether this increase is higher or lower than the country 's population growth. Whereas economic development is a process whose primary objective is to raise the GDP of a country or region more than its population growth. Many different countries face different economic problems and they also have different solutions and different ways of fixing it. Singapore is a country located in the southeast of Asia. It is rather considered as a small country because its area is only 660 square kilometers with a population of 5.3 million. Singapore is both the country and its capital. Singapore takes a form of a parliamentary republic, which means the president is the leader of the country and the prime minister is the leader of the government. Singapore 's economic system is mixed economy. This economic system is highly innovative and successful due to the reason that both the private sector and state have equally strong roles in the government. Even though Singapore is the smallest country in Southeast Asia, it is said that this country 's economy is ranked as one of the …show more content…

In contrast with Singapore, Indonesia is actually the largest Southeast Asian country, with an area of 1.9 million square kilometers. Indonesia has a population of 243 million. Indonesia 's capital city is Jakarta. Indonesia and Singapore has a few things in common, such as the same type of economic system, which is mixed economy. Mixed economy in Indonesia includes a variation of private freedom combined with government regulation. The government system in Indonesia is also the same as Singapore’s, which is a republic, which means that the chief of state and head of government is run by the

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