Singapore Economic Policy Essay Sample
This essay sample on Singapore Economic Policy Essay for Singapore students. We will cover the Monetary Authority of Singapore, Singapore economic model, Economic policies of Singapore, Singapore’s prudent fiscal policy, Singapore’s Monetary policy, Singapore economic success, etc.
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Introduction- Singapore Economic Policy Essay
In this sample essay, we shall be discussing the Singapore Economic policy. Now, we can all agree that Singapore is renowned across the world for its strong economy and financial strength. However, have you ever wondered about the policies behind it? We will clear all your doubts in this essay.
Moreover, this is an important concept for the students of Singapore studying economics. Thus, we shall be providing all the necessary information related to the topic. For the same reason, we shall also be dividing the sample essay into different sections. It will make the essay clearer and simpler.
Furthermore, we shall be discussing all the aspects of the topic. Thus, we shall be starting the discussion by taking a look at the MAS or the monetary authority of Singapore. Moving on, we shall also discuss the “Singapore Economic model”. Later on, we will be looking at all the different economic policies. So, without further adieu:
Main body- Singapore Economic Policy Essay
Monetary Authority of Singapore
The “Monetary Authority of Singapore” also widely known as MAS, is Singapore’s central bank as well as the financial regulatory authority. It was founded in the year 1971 as the bank of the Singapore government. In addition to this, it also looks after the regulation of money, securities, or the financial sector in general.
Plus, MAS also looks after matters concerning currency issuance. Moreover, this authority works hand in hand with the government as well as other authorities in order to develop the Economic policies of Singapore. Moving on, we shall be looking at the topic of the “Singapore Economic Model” in the next section of the sample essay.
Singapore economic model
The term “Singapore economic model” is used to denote different economics as well as social policies that were introduced by the government after their independence in the year 1965. In addition, the main aim of this model was to encourage industrialization and promote the economic growth of the city-state.
For the same reason, today Singapore has a flexible as well as a strong economy. Even in the time of the pandemic, the city-state’s economy stood strong and recovered fairly well.
Moreover, if you want to read more about the effect of covid-19 on the economy of Singapore. You may go through our sample essay “Financial Response to Pandemic Singapore “.
Moving on, we shall be looking at the different economic policies of Singapore in the next section of the sample essay. Thus, it is, as mentioned below:
Economic policies of Singapore
We can all agree Singapore is the financial center of the world. This is the result of the Singapore economic model. However, the economic policies of Singapore also played a great role in this and still do.
Moreover, we can divide these policies into three different types. Namely, Fiscal policy, and Monetary policy Moving on, we shall be looking at all of these two policies in detail. Thus, these are, as mentioned below:
Singapore’s prudent Fiscal policy
The term “Fiscal policy” refers to the means by which a country optimize and adjusts its expenditure levels as well as tax rates. This economic policy is considered to be a sister of “monetary policies.”
Moreover, the Central bank of the nation uses this policy to influence Singapore’s money surplus. In addition to this, it also affects the nation’s economy to a great extent.
Furthermore, Singapore’s Fiscal is oriented towards long-term growth instead of cyclical changes. Consequently, lion-city holds a considerable amount of foreign reserves. In addition to this, Singapore has the strongest sovereign credit rating in all of Asia.
Singapore’s Monetary policy
The monetary policy is the sister of FIscal policy, as we discussed above. In addition, it is also considered economic policy’s “Demand-side”.
Moreover, it covers the activities and actions of the government aimed at controlling the money supply. In addition to this, it also concerns the macroeconomic goals of the nation. These goals encourage the sustainable growth of the economy.
Moving on, Singapore’s monetary policy focuses on the management of trade-rated exchange rates. The goal is to make sure the price is stable over the medium term as a sustainable economic growth basis.
Singapore economic success
Singapore’s economic success is its flourishing trade and finance. The country’s trade balance has been continuously in surplus since independence in 1965, largely due to exports of re-exports of goods manufactured by other countries, particularly electronics and textiles.
Singapore has agreements with various free-trade areas which allow for partial duty exemptions on the majority of export goods originating from Singapore, while at the same time eliminating import duties on goods originating from these free trade partners. These agreements are known as Free Trade Agreements (FTA). FTA is one of the most important drivers for the economic growth of Singapore.
Yet another thing that ensures the country’s continuous economic success is its numerous offshore banking facilities that bring foreign investments into its borders; hence boosting the money flow into its economy.
Singapore’s economic policies have been a success, and it may be time to take things one step further. The continued development of the country should not come at the expense of its citizens’ well-being. Singaporeans deserve affordable housing, quality healthcare, and public transportation that is reliable and efficient for all ages. To ensure this happens in 2017, we recommend conducting an independent study on what needs to change so our economy continues to thrive while improving people’s lives as well.
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