Singapore Economies

What is "East plus West" formula?
"East plus West" formula was first created and used by Singapore to create jobs for the people and hope for the young since Singapore is a small country with no natural resources and unemployment rate was at double-digits high in 1965 after we left Malaysia. Many ex-colonies all over the world, only recently independent, were unwelcoming of multination corporations (MNCs) because they were seen as "neo-colonialist".

This formula means opening the doors wide to MNCs. American, European and Japanese companies brought in capital, technological know-how, management capabilities and global markets. What Singapore offered were workers grateful for a job, willing to work hard and long, able to learn fast and adapt quickly, and take instructions in English.

Add to this capable leadership, political stability, reliable infrastructure, education and skills training, and we have the Singapore formula for economic growth -"East plus West" - a successful strategy that brought investments and jobs; and peace, prosperity and progress for Singaporeans for many decades.

Why is this "East plus West" formula insufficient now to sustain our growth momentum?
The global landscape is changing rapidly and many other countries is now using the "East plus West" formula now. Since competition is intensifying, it mean that Singapore cannot stay with the "East plus West" formula. Business facing pressure will choose to invest where they can make the best profits on a sustained basis. Therefore, Singapore must offer another better strategy.

What should be Singapore's new formula for economic growth? Explain what are the four pillars of "TKCL" formula.
Singapore's new formula for economic growth should be "East plus West" plus that is "TKCL which is also known as World little red dot Singapore.

The four pillars of "TKCL" formula is Trust, Knowledge, Connected and Life.

"Trust" expresses Singapore character of trustworthiness, integrity, quality, reliability, productivity, rule of law, respect for intellectual property and a strong stand against corruption.

"Knowledge" expresses Singapore's standing in the knowledge economy, our commitment to high levels of education and skills, complex manufacturing, high value-added services, technological savvy, IT competency, R&D and creativity. It is seen in our emphasis on capital-intensive, knowledge-intensive, and innovation-intensive activities across the entire value chain.

"Connected", by which we mean much more than the physical linkages or market connectivity which Singapore is well know for. Although being a sea and air hub, and an international financial centre, is critical for Singapore. "Connected" refers to the emotional attachment of family, friends and fans who stand up for Singapore, speak out for Singapore and feel for Singapore.

"Life" stands for Singapore as a great place to live, learn, work and play in, where streets are safe, the community united, people friendly, the environment clean and green, the quality of life high, education stands superior, the cultural scene becoming more vibrant. This is a good place to raise a family, where racial and religious harmony prevails.

Trust; Knowledge; Connected; Life in simpler terms is, Trust is why people come to us. Knowledge will be why people want to work with us. Connected is why people team with us. And Life will be why people stay with us.

Second Minister for Finance, Tharan Shanmugaratnam, in giving the Budget Speech this year, said although globalization has propelled the Singapore to higher growth rates, this growth had not benefited all Singaporeans. The lower-income workers had been marginalized.

What were the solutions proposed by the Government to ensure that no one is left behind and that all Singaporeans have the opportunity to succeed and that the lower-income groups as well as the aged are not neglected?
1st, we have to grow our economy. we have to build capability, grow business investments. without economy, we can't do anythingwe than ensure that no one is leave behind and all have opportunity, all along the govt is helping them by using schemes like U-SAVE, CPF top up. But now, they are introducing the new WorkfareTo help the aged, the govt will be rising the expenses on the medical fees to them over time. this would mean that the govt needs extra revenue. the govt cant increase the direct taxes as they want to keep foreign investors. so the govt get revenue from their reserves and from increasing the GST from 5% to 7%.

AHHH THIS ALL I TYPED MYSELF WITHOUT LOOKING NOTES!!