Essay On Economic Growth In Singapore

840 Words4 Pages
Economic Growth
Singapore was classified as one of the fastest developing country in the world, this is based on the fact its GDP grew at an average of 7.7% annually since gaining its independence and within the first 25 years its growth was averaging 9.2%. Credited for this positive trend was the continuous industrialization occurring especially in the manufacturing industry. The unemployment rate was decreasing, persons were able to access low income homes, education was readily available and health care and security was accessible to all, for these were seen as the basic needs that must be provided to its people in order for development to continue. Additionally, citizens were encouraged to safe and it became mandatory that a portion
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Based on this fact, government strategically invests in this sector with the sole aim of continued stimulating economic growth. Additionally, the oil industry, even though it is declining based on international oil prices and the fact that the sole production field has been decreasing in production, also contributes significantly to the country’s…show more content…
Despite the fact that these companies were supervised by the government they were not answerable to them and were managed as privately owned business. A typical example of this is the Singapore Airlines (SIA) which started as a small regional airline to becoming one of the largest passenger airlines in the world which can be contributed to the fact that the sole aim is to make a profit and not to necessarily provide a service at a subsidize rate to
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