Why Singapore's Economy is So Strong and Offers So Many Job Opportunities?
Do you want to know the reasons for Singapore's economic success and why it offers so many career and job opportunities?
Singapore is one of the most economically successful countries in the world, with an incredibly dynamic and progressive economy and many job opportunities for people who want to work there.
The success of Singapore's economy is driven by its industry, population and labour force and the country has become one of the world's richest countries over the years. In the 1960s, its economy actually became the most prosperous in the world, despite a lack of natural resources for export and a small population.
How are Singapore's Economic Activity and Job Opportunities Booming?
Singapore has been experiencing strong economic growth in recent years especially in technology, innovation and international trade. It has a pro-business government that has implemented several policies to support growth and development in important industries.
It also has some of the best universities in the world to help you acquire knowledge, provide technical training and develop different types of skill sets to advance your career. Singapore has heavily invested in development and research, as well as in innovation and technology, which has helped drive economic growth.
The country also has a diverse economy that maintains a balance of various sectors, including manufacturing, services, and finance, which helps reduce the risk of over-reliance on one particular sector.
These factors are the main reason for the increase in job opportunities in Singapore, especially in technology, finance and professional services.
What makes Singapore's Economy So Successful?
Singapore's economy has consistently had a positive surplus, with no foreign debt and high government revenue, which is primarily propelled by exports of electronics and machinery, financial services, tourism and the busiest cargo port in the world.
The country’s manufacturing industry clusters include chemicals, electronics, biomedical sciences, transportation engineering and logistics, while in 2017, manufacturing increased by 35%, with precision engineering and electronics benefiting from increased demand.
In addition to Singapore's manufacturing and financial services industries experiencing stable growth, due to its pro-business policies, more than 200 banks and many global financial services companies are located there. A financial services marketplace facilitates the exchange of knowledge and technology between global, domestic and regional markets.
Other emerging industries have also contributed significantly to the country’s economy. Among them are clean energy, medical technology, healthcare, aerospace engineering and content development.
Is Singapore's Strong Educational System Boosting Economic Growth?
There is no doubt that Singapore's strong educational system contributes to its economic growth. To ensure that its workforce is highly skilled and educated, the country places a strong emphasis on education and training. Consequently, this has resulted in a highly productive, adaptable workforce that is well-suited to meet modern economic demands.
- As a result of Singapore's strong vocational and technical training system, it has produced a highly skilled workforce that is well-suited to key industries such as engineering, manufacturing and construction.
- It places a great deal of emphasis on science, technology, engineering, and mathematics (STEM). The result means that there is a large number of highly-skilled workers in these fields, which has helped drive innovation and growth in key industries.
- The workforce remains adaptable and capable of meeting the economy's changing demands through continuous education and upskilling.
- It is important for Singapore's economy to have high literacy and numeracy rates because they attract foreign talent, many of who wish to start businesses or take up highly-skilled positions.
- Singapore's strong educational system has played a key role in boosting economic growth, providing the country with a highly educated and skilled workforce that is well-suited to meet the demands of the modern economy.
LSBFx (London School of Business and Finance eXtended) provides online courses in a range of subjects, including finance. In addition to its finance courses, LSBFx offers Financial Statement Analysis: Financing Activities.
The course covers topics such as evaluating different forms of financing, interpreting the financing section of a balance sheet and how to analyse a cash flow statement. It is also looks at ratio analysis to assess a company's liquidity, solvency and profitability.
This course is suitable for students, professionals and business owners who want to improve their understanding of financial statement analysis.
Find the Financing Activities course on the LSBFx website and then register and pay for the course by following the instructions. This course is self-paced, so you can start and finish it whenever you want.