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Economic Policies By Talha Lodhi
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Economic Policies By Talha Lodhi

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  • 1. ECONOMIC POLICIES
  • 2. SEQUENCE
    • ECONOMIC POLICIES
    • ECONOMIC DEVELOPMENT BOARD
    • EXPORT DRIVEN POLICIES
    • LABOR POLICIES
    • COMMON PROVIDENT FUND
    • KNOWLEDGE-BASED ECONOMY
  • 3. ECONOMIC POLICIES
    • Stable political system results in a better and stable economy.
      • Giving policies a chance to bear fruit.
    • Transformation of Economic policies over the years has taken place in three phases;
      • Factor Driven Economy  Investment Driven Economy  Innovation Driven Economy.
    • Reduced state involvement as an active participant.
      • Delegation of subjective autonomy to state-run corporations.
      • State owned entities increasing their stakes in the regional companies.
    • Liberalization of rules in several sectors
      • Banking and Financial services
      • Media sector
      • Telecom sector
    • Reinvention of the nation’s image
      • To boost economic sector investment.
  • 4. ECONOMIC DEVELOPMENT BOARD
    • A statutory board.
      • Devises and improvises the economic policies implementation.
      • A regulatory organ.
        • Refrains from dictatorial interference in business-strategizing policies of different companies.
    • Free market system
      • The key behind the rapid, uniform and rational economic growth.
    • Introduction of ‘external wing’ policy.
      • Outsourced business investment being encouraged.
        • Employing of cheap labor, in developing Singaporean designed products.
        • Cont’d…
  • 5.
    • Trade Liberalization
      • Lesser prices, greater competition and more the variety.
    • Provides with investor-friendly eco-system.
    • Ensures fair and transparent allocation of resources.
      • a long queue is not a measure of increased buying power but an indicator of improper allocation of resources.
    • Ensures uniform distribution of dividends of economic growth among all segments of society.
    • Despite all investment friendly policies
      • Financial growth and investment, as a principle do not translate proportionally with job market.
  • 6. EXPORT DRIVEN POLICIES
    • Outward Oriented Economy
      • Depends on the needs of International market consumers.
    • Trade - 300% of GDP
    • Tax Holidays.
      • One of the first countries to come up with the idea.
    • Duty Free imports.
      • 96% of imported items are exempted from any duty.
  • 7. LABOR POLICIES
    • Unemployment,
      • Critical issue, at the time of Singapore’s inception.
    • EDB devised policies to attract "Labor Intensive" Foreign investments.
    • Trained and educated labor.
      • Key to the second Economic Industrial Revolution of ‘80s.
    • Arbitration Settlement court;
      • Responsible for negotiating a settlement between workers & employers, a last resort before workers go to strike.
      • Workers strike, a rarity.
      • Ensures a investment friendly atmosphere with no wrangling on part of workers.
  • 8. COMMON PROVIDENT FUND
    • CPF, a compulsory saving scheme managed by the government.
      • Helps bridge the budget deficit
      • Increase the development funding
      • An ideal example of ‘using money of the people, on the people’.
  • 9. KNOWLEDGE-BASED ECONOMY
    • Singapore lacks Natural Resources.
      • Trained and qualified human capital
        • Attraction for investors.
          • Primary reason for the focal shift towards Knowledge Based Economy
    • Philippines as a contrast.
      • A country rich with natural resources but lacking the human capital to utilize them effectively
        • Highly under-developed.
        • Plagued with corruption and unemployment.