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Economic Growth: A Case Study

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Economic growth is important for a country as it allows business to grow and prosper. It cannot be turnaround in weeks or months and take years so all government would have policies in place to sustain economic growth. Generally countries which are rich has got high productivity and vice versa. Productivity is the key factor to economic growth. In order to be productive, we need to have access to resources, technology and a good environment.
Access to resources includes capital and natural. Physical capital for example machines and equipment is used to produce more goods in an hour. Human capital which includes education, training and health can make workers more productive which are all vital in promoting economic growth. Natural resources …show more content…

It has a Free Trade Agreement with 20 regional and bilateral FTAs with 31 trading partners. It is helpful in assisting Singapore-based business strengthen cross border trade by eliminating or reducing import tariff rates thus giving access to services sector, easing investment rules, improving intellectual property regulations and opening government procurement opportunities. (fta.gov.sg, 2014) Singapore has labour laws to regulate fair conditions of employment for workers and stabilize labour management relations for employers. It also has a National Wages Council to ensure orderly wage increases, paving the way for strong tripartite cooperation. Tripartism and industrial peace has enabled companies to expand and workers to enjoy the fruits of economic growth like better …show more content…

As a result, Singaporeans has more pathways to go beyond Cambridge ‘O’ levels like Singapore Sports School and there is no need to go overseas to further study. Macdonald’s Singapore on the other hand is a pioneer in the employment of mature workers (elderlies). 30 percent of its 9000 workforce are mature workers with the eldest at age 80. (stjobs.sg). However, a hurdle which Singapore has to cross is to achieve sustainable population profile as Singapore is facing an aging population. Fertility rate is at 1.19 in 2014 (straitstimes.com). In order to mitigate the impact of aging population so growth will not reduce significantly by additional burden of aging society, it has policies to encourage couple to get married and have children like the marriage and parenthood package. (population.sg). Part of the package particularly the Baby Bonus Scheme package was later reviewed and enhancement was made in 2013 to ease the financial load of raising children. However, boosting fertility will take time for foreseeable future thus it is still tapping on immigration for men to support economic growth

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