EPGE assignment 2
University College Dublin
Economic Policy and the Global Environment Assignment 2
Written by: Chan Wei Hao Winston
Student ID: 14212829
Group: FT UCD BBS 23 A
Tutor Name: Mr. Wong Hean Hoo
Date Submitted: 26 June 2015
Total Words: 2047
Table of Contents
1. INTRODUCTION 3
2. CAUSES OF HIGH COMPETITIVENESS IN SINGAPORE 3
2.1 REGIONAL COOPERATION 3
2.2 HUMAN CAPABILITY 4
2.3 GOVERNMENT POLICIES 4
3. CHALLENGES SINGAPORE FACE 5
3.1 TOO DEPENDENET ON MNC 5
3.2 COMPETITION WITH OTHER COUNTRIES 6
3.3 HUMAN RESOURCE DEVELOPMENT 6
4. STRATEGIES FOR FUTURE IMPROVEMENT 7
4.1 BUILD A DIVERSE CORPORATE ECOSYSTEM 7
4.2 SUSTAINABLE COMPETITIVE ADVANTAGE 8
4.3 HUMAN RESOURCE DEVELOPMENT 8
5. CONCLUSION 9
REFERENCES 10
1. INTRODUCTION
According the news article (Tan, 2015), Singapore is ranked world 's third-most competitive economy, first being the United States and second being Hong Kong, making Singapore the most competitive economy in South East Asia (SEA).
Singapore possesses world- class infrastructure, land transportation, ports and air transport facilities and the economy can rely on a healthy macroeconomic environment and fiscal management (Yahya, 2014). The competitiveness is increased by its robust education, which allows improvement in higher education and training. For example, Singapore offers a wide range of post-secondary institutions from local to international (Milde, 2013).
Singapore’s major focus on education and training have made it grow to become a leader in global competitiveness. This effort prepares individuals with skills to businesses which require talented employees to compete in ever changing global economy (Milde, 2013).
Apart from the strong education system in Singapore, other factors such as Singapore’s geographic position, a huge seaport and a highly skilled workforce have provided a favorable business environment for enterprises to thrive and compete in (Economywatch.com, 2015).
2. CAUSES OF HIGH COMPETITIVENESS IN
Economic Policy and the Global Environment Assignment 2
Written by: Chan Wei Hao Winston
Student ID: 14212829
Group: FT UCD BBS 23 A
Tutor Name: Mr. Wong Hean Hoo
Date Submitted: 26 June 2015
Total Words: 2047
Table of Contents
1. INTRODUCTION 3
2. CAUSES OF HIGH COMPETITIVENESS IN SINGAPORE 3
2.1 REGIONAL COOPERATION 3
2.2 HUMAN CAPABILITY 4
2.3 GOVERNMENT POLICIES 4
3. CHALLENGES SINGAPORE FACE 5
3.1 TOO DEPENDENET ON MNC 5
3.2 COMPETITION WITH OTHER COUNTRIES 6
3.3 HUMAN RESOURCE DEVELOPMENT 6
4. STRATEGIES FOR FUTURE IMPROVEMENT 7
4.1 BUILD A DIVERSE CORPORATE ECOSYSTEM 7
4.2 SUSTAINABLE COMPETITIVE ADVANTAGE 8
4.3 HUMAN RESOURCE DEVELOPMENT 8
5. CONCLUSION 9
REFERENCES 10
1. INTRODUCTION
According the news article (Tan, 2015), Singapore is ranked world 's third-most competitive economy, first being the United States and second being Hong Kong, making Singapore the most competitive economy in South East Asia (SEA).
Singapore possesses world- class infrastructure, land transportation, ports and air transport facilities and the economy can rely on a healthy macroeconomic environment and fiscal management (Yahya, 2014). The competitiveness is increased by its robust education, which allows improvement in higher education and training. For example, Singapore offers a wide range of post-secondary institutions from local to international (Milde, 2013).
Singapore’s major focus on education and training have made it grow to become a leader in global competitiveness. This effort prepares individuals with skills to businesses which require talented employees to compete in ever changing global economy (Milde, 2013).
Apart from the strong education system in Singapore, other factors such as Singapore’s geographic position, a huge seaport and a highly skilled workforce have provided a favorable business environment for enterprises to thrive and compete in (Economywatch.com, 2015).
2. CAUSES OF HIGH COMPETITIVENESS IN
References: Economywatch.com, (2015). Singapore Economy | Economy Watch. [online] Available at: http://www.economywatch.com/world_economy/singapore/?page=full [Accessed 22 Jun. 2015]. Kunz, J. (2014). Lack of Skilled Workers Challenges Manufacturers. Manufacturing Engineering, 153(2), pp. 17-18. Mfa.gov.sg, (2015). Economic Relations. [online] Available at: http://www.mfa.gov.sg/content/mfa/overseasmission/tokyo/about_singapore/economic_relations.html [Accessed 23 Jun. 2015]. Milde, K. (2013). This is why Singapore is such an economic powerhouse. Singapore Business Review. [online] Available at: http://sbr.com.sg/economy/commentary/why-singapore-such-economic-powerhouse [Accessed 22 Jun. 2015]. Ministry of Trade and Industry Republic of Singapore, (2003). [online] Available at: https://www.mti.gov.sg/AboutMTI/Documents/app.mti.gov.sg/data/pages/507/doc/ERC_Comm_MainReport_Part2_v2.pdf [Accessed 23 Jun. 2015]. Report of the Economic Strategies Committee. (2015). [online] Available at: http://www.mof.gov.sg/Portals/0/MOF%20For/Businesses/ESC%20Recommendations/ESC%20Main%20Report.pdf [Accessed 25 Jun. 2015]. Sam, C. (2003). MNCs and other business organizations in Singapore. [online] Choonyin.tripod.com. Available at: http://choonyin.tripod.com/mncs/ [Accessed 24 Jun. 2015]. Sgs.gov.sg, (2015). Fiscal Policy. [online] Available at: http://www.sgs.gov.sg/The-SGS-Market/Fiscal-Policy.aspx [Accessed 23 Jun. 2015]. Tan, W. (2015). Singapore still 3rd in world competitiveness ranking. TODAY. [online] Available at: http://www.channelnewsasia.com/news/business/singapore-still-3rd-in/1876922.html [Accessed 25 Jun. 2015]. Teo, A. (2013). Globalisation and it 's impact on Singapore. [online] Economics Tuition Singapore. Available at: http://www.econs.com.sg/essay-writing/globalisation-impact-singapore/ [Accessed 24 Jun. 2015]. Wee, K.T. And Hilmola, O. (2012). Future of transshipment in Singapore. Industrial Management & Data Systems,112(7), pp. 1085-1100. Wtec.org, (1997). Chapter 2: Regional Economic Cooperation. [online] Available at: http://www.wtec.org/loyola/em/02_07.htm [Accessed 23 Jun. 2015]. Yahya, F. (2014). Creativity and Innovation in Singapore Economy. [online] Available at: http://lkyspp.nus.edu.sg/ips/wp-content/uploads/sites/2/2014/11/10_Creativity-and-Innovation-in-Singapore-Economy_7.pdf [Accessed 24 Jun. 2015].