Economics

TheRepublic of Singapore commonly known to many as Singapore or the lioncity. It is situated in the southeast of Asia and the countryconstitutes of islands, and it is the only country in an islandcity-state. Singapore gained independence from Britain in 1963, andit joined other former British colonies to form Malaysia. Two yearslater after Malaysia ousted Singapore mainly because of ideologicaldifferences. Singapore thrives because of its booming economy, andits future success depends on it(Chew, 2015).

Purposeof the paper

Singaporeis among the smallest countries in the world with a population, notmore than 6 million people. It is amazing how Singapore has a vibranteconomy considering they do not have any significant exports. A fewyears back Singapore was a third world country but with its success,it has managed to be first class world country, a modern city that isenvied by other states. The city serves as a hub for majorcorporations with their high tech centers and biomedical facilities.There are four major languages are spoken in Singapore, which isMalay, English, Tamil and tamarind. Since Singapore was colonized bythe British, we find that the majority of the people speak Englishvery fluently.

Theaim of this paper will be to discuss the sudden and radical change ofSingapore from a third world country to a first-class country. Whatmakes the country flourish more than countries that were nevercolonized or their progress derailed. What is the secret of thecountry’s success? The main topics that will be discussed are itssocio, economy, culture and political structure. The topics will helpto give a description of Singapore’s success(Chew, 2015).

Theimportance of the topics: socio, economy, culture and politicalstructure.

Thefour topics are the base to the success of the country. It is throughthe change in the socio, economy, culture and political state ofSingapore that it is where it is today. There are numerousinteresting things that fascinate so much about the country. Thecountry is green filled with garden, trees and jungles meaning thatthe country strives to maintain its natural nature. There are manylaws in Singapore that makes sure people take care of theenvironment. For example, the fine charged when one is caughtlittering is very high or when one forgets to flush the toilet. Suchlaws will make the people keen about taking care of the environment.The main airport called Changi airport is renowned for its servicesit offers as compared to airports in other countries. The airport islarge with shopping centers, entertainment features, and diningfacilities(Chew, 2015).

About86% of the population in Singapore live in public housingdevelopments and close to 95% of these people own their houses. Inmost countries, living in public housing means that poverty is highbut not in Singapore. Living in such houses is not a sign of povertybecause some houses go for more than a million US dollars or more.One fact that one can realize is that the cost of living is very highbecause of the cost of housing(Chew, 2015).

Themain reason I would say that made me choose Singapore is because Istudied in high school for two years over there. The environment mademe like the country a lot and the islands too that have uniquefeatures. The practice of meritocracy is another factor that amazesme about Singapore. Most countries practice democracy unlikeSingapore but eventually it has worked well for them.

Beloware statistics between USA and Singapore in the year 2014.

SINGAPORE

USA

POPULATION

5,475,859

322,267,564

AREA

687

9,147,420

GDP

US $310 Billion

$17.42 trillion

GDP per Capita

US $56,113

US $31,261.08

Main Exports

Petroleum products, food/beverages, chemicals, electronic components, transport equipment.

Machinery, Air crafts, lobsters, gold in Nevada

Inflation

1.0

1.7

Differencesbetween USA and Singapore

Fromthe data from the table, we see a lot of differences between USA andSingapore. For example, the GDP of the two countries the differencebetween them is very high. One factor that could contribute to thelarge difference is the population between the two nations. Inflationin the USA is higher than that Singapore meaning that Singapore’scurrency is of more value than the US dollar. Since the population ofUSA is larger than that of Singapore, it is expected that the valueof exports that the USA make is more than lucrative than in Singapore(Chew, 2015).

Similaritiesin USA and Singapore.

Inthe data above it`s hard to get the similarities between the twocountries. USA tends to surpass Singapore in every sector excludingGDP per capita and Inflation. If there were more data between the twocountries, then it would have been easier to come up with thesimilarities.

Conclusion

Statisticsshow that the economy of Singapore yearly grows at an exceeding rate.In due time, Singapore will surpass most developed countries like theUSA. Singapore has become one of the major tourism destinationbecause of its vibrant economy. It is through tourism that foreignerscome in and invest in the country hence improving economy.30% of thepopulation of Singapore constitutes of foreigners, this shows thatthe economy’s growth has been contributed by foreigners.

Reference

Chew,M. (2015). Leadersof Singapore.World Scientific.

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