Singapore Economic Plan

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Masterplanning Individual Assignment

Read:

Ministry of Trade and Industry - The Economic Planning Committee, the Strategic Economic Plan: Towards a Developed Nation, Singapore National Printers, 1991.

1. What are the vision and goals of the Singapore’s Economic Strategic Plan?

(2 marks)

Vision

A DEVELOPED COUNTRY IN THE FIRST LEAGUE

Goals

 Enhancing Human Resources
 Promoting National Teamwork
 Becoming Internationally Oriented
 Creating a Conducive Climate for Innovation
 Developing Manufacturing and Service Clusters
 Spearheading Economic Redevelopment
 Maintaining International Competitiveness
 Reducing Vulnerability

2. Who are the stakeholders and what are their roles? Are there conflicting interests between the different stakeholders?

(3 marks)

Singapore Government
Roles: Policy creation and leadership
Singapore government is responsible for leading the effort to lead the country into the first league. The Singapore Government will adjust its budget to allocate resources to achieve the goals set above.

Singapore Residents
Roles: Beneficiary
The people of Singapore will have stood to benefit in the long term from economic development efforts. This will ensure a comfortable and quality way of life for themselves and their children.

Partner Countries
Roles: Supplier (example Malaysia, Indonesia, China etc)
Partnering countries will act as supplier of manpower, goods and services that is not found in Singapore. To ensure that economic growth is possible, foreign workers will be needed to fill in jobs that Singaporeans do not want. In addition, as Singapore has limited natural resource, energy and materials need to be imported.

Business / Investor
Roles: Job creation and sustainable profit
The business of Singapore needs to ensure that they are profitable while setting up in Singapore. Cost and benefits need to be weight for them to operate in Singapore

Potential conflict among stakeholders

Business / Inventor. Residents and Government
Government may implement policies that would require businesses to raise employee’s pay. E.g. CPF employers’ contribution. This may drive up cost and make Singapore a less attractive country to invest. Resulting in fewer jobs for residents.

Government/Foreign countries
Foreign countries may bar their people from working in Singapore. This will create a labour shortage driving up cost of employment. They may ban export to Singapore resulting in higher cost for key resources.

Singapore residents/ foreign countries
Singaporeans may find that their jobs are being taken away by foreigners. They will find that they are crowded out of their own country and hold resentments towards them.

3. What are the boundaries and limitations (social/ political/ economic/ legal/ ecological/ technological/ time/ space)?

(3 marks)

Social
Limited population with declining birthrates to support manpower and talents needs for economic developments.

Political
Limited policies government can use to spur economic growth. This is due to the fact that Singapore is a small and open economy where services are mainly exported.

Legal
As Security and relations with MNCs need to be maintained, some laws will have to be passed. These laws may inhibit businesses. Such as anti-piracy laws and anti-trust laws.

Ecological
To maintain a good quality of life. Some lands which can be used to better infrastructure or economic developments will have to be set aside. This includes national parks and beaches.

Technological
Limited RnD facilities in Singapore. Technological know-how mainly from MNCs

Time
As a small and open economy. Singapore cannot afford to have lost momentum in economic development. With foreign emerging economies competing directly with our industries, making full use time is essential. Good planning and careful execution is needed.

Space
Singapore is limited by land space and...
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