Singapore is a sovereign island and city-state that is located in Southeast Asia, near Malaysia and Indonesia. It is also a country known as “the 20th century’s most successful development story” thanks to Lee Kuan Yew, the founder of modern day singapore that creates the massive change in the country. With him leading and buildings the country, the Singapore’s economy is very much involved with the government so that it is all maintained.
Singapore started building its economy with their port. Singapore port is now one of the busiest port in the world, and it brings in a lot of fortune to the country. Countries shipping from one continent to another mostly cross the port as it is located at the crossroads of important trade lines. In which, those countries has to pay singapore as they pass through it, unless they want to travel the longer road so that they won’t have to cross the path.
Apart from the port, the government had made a huge impact in the Singapore’s economy. With the government intervention, they had manage to make the Singapore one of the richest country. Some of the roles of the Singapore’s government includes being responsible for planning and budgeting for everything from things such as the international finance to trash collection, the government also “owned, controlled, regulated, or allocated land, labor, and capital resources”, and they also get involved with the prices on private investor based on their business calculations and investment decisions.
Another way in how they kept the economy stable is through taxation and their budget. With them being able to take control over the tax and to increase or decrease based on the economy situation the economy would rarely face issues such as recession or inflation.
Not only does the government play a role in private business in the economy, but they also take extra attention on their citizens. Apart from the jobs being provided to their citizens from private and public businesses, but the government also subsidized housing, education, health, transportation and entertainment to the citizens.
Vinita Viseth.
Citations:
https://www.csc.gov.sg/articles/connecting-to-the-world-singapore-as-a-hub-port
http://countrystudies.us/singapore/29.htm
https://www.agoda.com/guest-house-bnb/city/singapore-sg.html?cid=-218
Economics Daily 