Economic analysis, Singapore, Singapore economy, labor market
A highly developed and free market condition is prevalent in the economy of Singapore. Detailed economic analysis done on the Singapore economy indicated that the open and corruption free market condition with stable prices prevail in the economy of Singapore. Export of consumer electronics, pharmaceuticals and information technology products contribute greatly to the economy of Singapore.
[...] This ensures there are no delays in delivery of the products to the market and in case of perishable goods, they do not perish along the way. A good telecommunication network ensures ease in communication within the organization and outside the organization. This allows the smooth operation of the business since all the business needs are communicated on time and using the correct medium hence eliminating delays in the operations of the business. Works Cited Kofi Thompson. “Benefits of A Strong Currency.” 13 February 2013. [...]
[...] The Singapore dollar is sufficiently strong in the global market hence proving the strength of Singapore's economy SGD is currently equivalent to; 0.752 USD EUR and 0.488 DBP. A strong economy has a number of advantages in any economy. It reduces the cost of imports helping keep the price of imports in check. If the currency is high, the cost of imports such as machinery, oil or technology will be relatively low. A strong currency also attracts foreign capital and encourages domestic savings. Businesses prefer to invest in an area where value seems to rise with the currency. [...]
[...] A strong currency has one disadvantage. It hurts the export of a country since their product is sold at a greater price in the international market. (Kofi Thompson) Labor Market Singapore's labor market is expected to be tight in 2015 as firm manpower demand especially in domestic services sectors runs up against labor supply. This is a huge setback for Singapore since companies are forced to pay more for labor which is limited in supply. This demotivates investors into the market since there is no sufficient supply of labor and the organization/business will be forced to outsource labor from other countries which is an additional cost to the business. [...]
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