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Economic Development In Singapore Essay

1940 Words8 Pages

1. Introduction
A strong and sustainable economic growth is the rate of growth which can be maintained without creating other significant economic problems. There is an economic growth when Gross Domestic Product (GDP) at constant prices, increases overtime known as real output ( Economics Online Ltd, 2014).

Since the gaining of independence in 1963, Singapore economy has grew rapidly that result to be one of the top highest GDP per capita in the world. This year, there is a rise of 7 percent in Singapore GDP to 3.1 percent in the third quarter. It is shown that there is a rise of 2.8 percent in the third quarter from last year (Trading Economics, 2014).

Singapore public housing has been the bedrock of Singapore 's asset-ownership programme. …show more content…

The policy was introduced last year; PRs have to wait for 3 years before they are allowed to purchase a resale flat as compared to getting a house after they got their PR status previously. PRs are not allowed to sublet their house their whole house and must sell their HDB flats within 6months purchase of the private property.
On top of the waiting period, PRs also have to pay a 5 percent of Additional Buyer’s Stamp Duty (ABSD) when buying their first house. The objective of these measures is to reduce the demand from resale market so that it can help to decrease the Cash-Over-Valuations (COV). With this policy implemented, it can be seen that there is a steady decline in the COV rate (The Business Times, 2014).
5. Conclusion
In conclusion, it is challenging for Singapore government to ensure that public housing is affordable for every citizens. However, government can help Singaporeans by providing more grants and other benefits to increase the homeownership rate even though it will still be hard to match the supply and demand of public housing and making sure all public housing market is at a stable price. By making the housing price stable, it will help Singapore to increase n investment as it will attract investors to Singapore as it reduces the risk of the investors to invest their money to Singapore

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