Important Roles of Government in the Success of Market Economies in East Asian Countries - Singapore

The Important Roles of Government in the Success of Market Economies in East Asian Countries - Singapore

Introduction

Singapore has been rated as one of the Top three Richest countries in the world according to the analysis conducted by the Global Finance Magazine.Singapore is well known as the wealthy of technology,manufacturing & exports and financial hub. The author strongly agreed that government played a very important position to make certain macroeconomic stability in a prolonged period. The essay is developed into 3 parts. It will commence with the introduce of the history of Economy in Singapore. Secondly, the author will briefly discuss on what and who are the government which she believe it will help you to get the clearer view on the played role of government in the market economy. Thirdly, explain how government sow the seed by forming the Economic Developing Board (EDB) and the rest of the statutory boards to work on the economy strategy, policy and scheme to help in the economy as well as the self-interest and social interest. The final part will be conclude with the current government relation with the economic market.

Figure 1.0 Singapore Gross National Product (Source:http://www.tradingeconomics.com/singapore/gdp)

1

Singapore start of with a Gross National Product (GNP) per with the record low of 0.70 USD billion in 1960 and Singapore was worth 307.87 billion USD in 2014 reported by the World Bank Group. A small country without a green belt with limited resources and poor in fundamental facility with high in unemployment rate become the biggest worriment. The existed low-end business and industries at that time of period produces sufficient only for the small domestic market. Entrepôt trade and providing services to the British military bases become the mainstay of the country at that time of period. Government then established Economic Developing Board (EDB), Singapore Tourism Promotion Board (STPB) and Development of Jurong Industrial Estate to spearhead our economic development.

Government

Government spoke about a group of people that have the rights to rule in the territory according to the law. Territory can be refer to a nations. Government forms laws, rules and regulations. Government are responsible for social security ,national defence and stabilisation, hence to guide mankind to pursue a harmony society .

Roles of Government

Government as Statutory board and Agencies

Economic Development Board (EDB)

EDB is the very first statutory board which are formed in 1961 as a tools to helps to attract private sector foreign investment. Singapore faces a high unemployment rate in the sixties. In