The problem and weaknesses in the economy of Singapore have many sides such as Singapore not enough natural resources, little space that difficult to expand economic investment, lower labor shortage, high cost of living. The first, Singapore has few natural resources Unable to export as much as other countries. Make investment or produce some items need to import technology and raw materials from other countries. It is increase the cost of production.
Second, there is not enough space to expand the economy and agriculture that made the economy of Singapore-driven by industry because early, Singapore trading operations by the commercial and maritime as a principle. At the same time, the relatively high unemployment rate, and the trade could not create enough jobs, the Government has decided to develop the country into an industry where a lot of labor. The Government has announced open door policy and offers various incentives to attract foreign investors into established factories to bring money into the country, because there are investors coming to invest in the country to make the domestic economy have been driven. Third, low labor shortage is Singapore is a small country and less population. In the past, Singapore supported education that made most of people in country is high labor. When they didn’t have low labor, investor or industry must import low labor from China, India, Thailand, and etc. because low labors have skill about industry and cheaper wage than high labor. It is decrease the cost of production.
The problem and weaknesses in the economy of Singapore have many sides such as Singapore not enough natural resources, little space that difficult to expand economic investment, lower labor shortage, high cost of living. The first, Singapore has few natural resources Unable to export as much as other countries. Make investment or produce some items need to import technology and raw materials from other countries. It is increase the cost of production. Second, there is not enough space to expand the economy and agriculture that made the economy of Singapore-driven by industry because early, Singapore trading operations by the commercial and maritime as a principle. At the same time, the relatively high unemployment rate, and the trade could not create enough jobs, the Government has decided to develop the country into an industry where a lot of labor. The Government has announced open door policy and offers various incentives to attract foreign investors into established factories to bring money into the country, because there are investors coming to invest in the country to make the domestic economy have been driven. Third, low labor shortage is Singapore is a small country and less population. In the past, Singapore supported education that made most of people in country is high labor. When they didn’t have low labor, investor or industry must import low labor from China, India, Thailand, and etc. because low labors have skill about industry and cheaper wage than high labor. It is decrease the cost of production.
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