Question

Read the case Singapore Inc. and answer the following questions based on the case. Please answer the following questions based on the case; you do not need to look for information from external sources to answer these questions.

1. How do you explain Singapore’s economic performance since 1965? How, in particular, have business-government relations contributed?
2. How has productivity growth been attained, and why is it growing rather slowly of late?

Answer 1

Singapore's economic performance since 1965 can be attributed to strong business-government relations. The government's investment in human capital, physical infrastructure, and research and development has contributed to Singapore's high economic performance. Productivity growth in Singapore has been achieved through capital deepening and technology advancements, although it has been growing slowly in recent years.

Step-by-step explanation:

Singapore's economic performance since 1965 can be explained by several factors, including strong business-government relations. The government of Singapore has played a significant role in shaping the country's economy by implementing policies that promote economic growth and development. For example, the government has invested in human capital through the education system, built a strong physical infrastructure for transportation and commerce, and created special economic zones that allow for reduced tariffs. These actions have contributed to Singapore's high economic performance.

Productivity growth in Singapore has been attained through various initiatives, such as capital deepening and technology advancements. However, in recent years, Singapore's productivity growth has been growing slowly. This could be attributed to various factors, such as a mature economy reaching its technological limits and challenges in integrating advanced technologies into existing industries.