Other differences in the Singapore model include reliance on state-controlled immigration, dominance of multinationals and government-linked corporations and a relative absence of large home-grown corporations like would be found in other major Asian economies (Ibid). Singapore's need for labour growth, combined with an absence of space for new immigrants, has led it to focus as Hong Kong has on high-value manufacturing and service industries, for example electronics and biomedical manufacturing (Chen, 2013)
There were some differences in the approach to Singapore's growth. Historically, Singapore has controlled its economy more tightly than Hong Kong, for example with a managed-float currency regime to promote exports, versus Hong Kong's free float regime (Lim, 2008)
The SAR government funnels resources specifically into the promotion of these businesses both to stimulate supply and demand, and it sets policies through its government bodies that are designed to encourage growth in these particular target areas. The Hong Kong government specifically supports industries that it feels serve the SAR's needs, and avoid those it feels do not contribute to Hong Kong's growth, such as low-wage labour industries (So, 2013)
Indeed, Ogg evaluates this rating as being a function of Singapore's extremely disciplined fiscal policy, which has not financed any government deficits through borrowing in more than 20 years. (Ogg, p
The multinational corporations also played a significant role in Singapore's economic development process." (Yin, p
This illustrated a massive growth in terms of marketing for its business. The VRD industry operates as a three product divisional strategic businesses, located within the same business complex, which includes; electrical and energy, automotive parts and infotainment (Burnes, 2000, p
This requires individuals who can think far much beyond thus creating new ideas into the business, which opens up opportunities to venture in. VDR industry managerial staff lack this essential quality while performing their skills thus unable to compete with similar industries manufacturing industry based in China and other developed nations (Coghlan, 2001, p
The managers should organize jobs for their workers to understand their specific roles, thus the ability to improve on their skills and work design. The managers' competence enhances a good working environment regardless of race or ethnic background (Daft, 2001, p
The company practiced several adaptive changes to the environment but due to technological changes in the world market. New measures put in place to enhance change in technology for the past 30 years face a setback due to lack of skills and knowledge to be applied in the technological world (Dunphy, 2001,p
Organizational learning as an assumption and a barrier to the development of a firm achievement helps people in a particular organization to discover and view problems in one-dimensional framework. This requires questioning of the current system and evaluation of anticipated challenges (Genus, 1998, p
The problem that emanates or develops bases on the rate of repositioning competitiveness for the industry to adapt to the new environment becomes faster than the experience possessed by the workers. According to the theory of change, global markets have become more and more vibrant and unpredictable at the same time due to a change in technology, global communication and quantum changes (Waddell, 2007, p
The problem that emanates or develops bases on the rate of repositioning competitiveness for the industry to adapt to the new environment becomes faster than the experience possessed by the workers. According to the theory of change, global markets have become more and more vibrant and unpredictable at the same time due to a change in technology, global communication and quantum changes (Waddell, 2007, p
This illustrated a massive growth in terms of marketing for its business. The VRD industry operates as a three product divisional strategic businesses, located within the same business complex, which includes; electrical and energy, automotive parts and infotainment (Burnes, 2000, p
This requires individuals who can think far much beyond thus creating new ideas into the business, which opens up opportunities to venture in. VDR industry managerial staff lack this essential quality while performing their skills thus unable to compete with similar industries manufacturing industry based in China and other developed nations (Coghlan, 2001, p
Application of specific operational methods ensures durability and efficiency in service delivery. These methods include; the ability of the industry effectively uses, and creates more financial systems beneficial to the industry and the people around, the ability to create a relevant and timely administrative procedure to improve in efficiency, and lastly the ability to creating ways that truly reflects innovations (Carnall, 2003, p
A greater number of tourists may also increase the population, as people become exposed to the high quality of life in Singapore. A relatively recent survey found that people generally consider Singapore to be a desirable tourist destination (Kee Hui, Wan, 2007) and measures must be undertaken to ensure that Singapore's tourist appeal continues to expand throughout the coming years
However, Singapore must continue to strengthen its information and communication technologies in order to sustain its success. Its economy is largely predicated around exporting (Khan, 1996), and Singapore needs to improve the quality of its technology within the country
However, whether this will be enough in the future is yet to be seen. Singapore's restructuring of the economy began in 2002 when the Prime Minister ordered a full review committee investigation of the state of the economy and its growth potential (Sitathan, 2002)
The government supported growth of the electronics industry throughout the economic recovery period. This significantly added to growth of the overall economy through using the manufacturing sector to lead other interrelated sectors (Venu 2007)
Corrupt government entities also hindered Singapore's ability to attract foreign investment. Businesses did not wish to invest in facilities in areas where various elements of the government can come in and take all are port part of it at any time (Watkins, n