Singapore The King Tiger

Vincent Yip

English 101

professor Cambridge

9/15/13 Singapore The King Tiger

Singapore, a testament of the potential success of the free market economy. One of the members of “The Four Asian Tiger Club” with Singapore considered the best. South Korea, Taiwan and HongKong are the other members. These four countries have one of the world’s most freest market system and yet there economies are booming. In the united States there have been arguments of regulations and more restriction in free trade to prevent and better the economy; However through Singapore's free economic system it has become one of the worlds leading financial centers. What is this country doing that is keeping its economy not only intact but grow and thrive? What is Singapore doing right that the rest of the world and the United States is not? This is why I find interest in this topic. What is the secret of Singapore to develop such a powerful economy? This is what I am determine to find out.

Singapore is one of “The four Asian Tigers” and because of the success story of Singapore's economy it inspired other countries in the southern eastern part of Asian to follow suit. Eventually this lead to the development of “The Tiger Cub Economies”. Malaysia, Philippines, Thailand, and Indonesia are the four countries that form the club. These countries follow the same economic principle of the “Four Asian Tigers” and have seen major economic growth. The Malays, Philippines, Thailand and Indonesia have become the worlds leading “developing” and emerging power countries. Could we learn something here, about these countries so that we can pick up some ideas to solve and maintain the rest of the worlds economic instability?

In the fourth quarter of 2008 the World was struck by one of the worst economic tsunamis ever. Stock market points downed thousands of points, business and banks going bankrupt and the housing market ruined. By 2009 unemployment in the United States rocketed to 10%. With so much economic turmoil nobody knew what the future may hold for the U.S or the rest of the world economy. Singapore was also hit by the economic collapse but not to the same extent. Believe it or not Singapore’s unemployment rose by 1.5% totaling at only 3%. Far from the disaster many countries in the west experienced. And not only that Singapore's economy has rebounded and developing faster than projections made by economists from the Bloomberg's, further reducing the unemployment rate to just 2%. Incredible, what are they doing right? In the past 2 years the countries GDP rose an incredible 15.2% breaking all predictions from the  Bloomberg News survey “Where the medium was 8.1%”. Wow nearly double the expectation, bravo King Tiger. Daniel Wilson an economist from Australia and New Zealand Banking Group said that he was glad to see a sustained pickup in service sectors. It seems that Singapore's economy have reach stability and growing as well.

This is why I am interested in the economy part of Singapore. There is so much talk about how to better the economy. How to fix it? How to grow it? What about solving this issue for ever. The solution is right in front of us. All we have do is is observe and listen. Lets ask ourselves what we did wrong and how can we use economic styles and techniques from countries that are economic power houses to solve our economic issues. Singapore is maybe the key in sustain the world’s economy.