Economic Growth Essay Example | Topics and Well Written Essays - 2000 words

Economic Growth - Essay Example The economic growth of Singapore is not that strong and sustaining. This is because, Singapore’s population is growing at a slow rate that the current economic plan cannot sustain. The available productive population is not enough to produce goods and services that can support the large old and unproductive population. More to that is Singapore had is limited in terms of land availability and has limited supply of water. This makes it hard to sustain its economy as a lot revenue earned is spend in purchasing this resources rather than developing the economy of that nation (Abeysinghe & Choy, 7). However, it has to be concluded that, though Singapore’s economic growth has not attained a level in which it can be referred to us strong and sustaining, its economy has grown tremendously since 2013. The Economic Development Board of Singapore is committed to achieve better and better investment strategies every year while striving to generate jobs for citizens of Singapore. In order for Singapore to grow economically, it should focus on ensuring that it records a high level of GDP and GNI. This is because these are the indicators of performance of a nation. Therefore, in order for Singapore to increase its GDP per capita. This is well attained by ensuring that Singaporeans are advised to consume the locally produced commodities. Consumption of foreign commodities should be limited since purchase involving such commodities lead to loss of local income. Moreover, Singaporeans should be encouraged to make investments. Investments are a way of ensuring that the local currency circulates appropriately within the economy and therefore reduces the imbalance between the poor and the rich (Koh, 2). In addition to that, government of Singapore is advised to increases its expenditure in generating job opportunities and establishment of social amenities like hospitals, schools, road networks, that will