Economic Policies By Talha Lodhi

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