Challenges of a maturing economy : a case study on Singapore

Abstract

As the environment is constantly changing, Singapore will need to response to the challenges ahead. To compete successfully, two critical questions need to be addressed :

• What are the challenges faced by Singapore in the 21st century?

• What are the strategies available to cope successfully in view of these challenges?

The first part of this study reviews the development of the Singapore economy, based on two basis -- time and sector.

The second part of the study is devoted to the various challenges faced by Singapore in the next lap, namely, competition from other developing countries, market saturation, demographic changes of the Singapore population, slower economic growth faced by Singapore, strengthening of the Singapore dollar and relocation of companies formerly based in Singapore to other nearby countries.

The third part of the study focus on the various opportunities and strategies available to Singapore.

Lastly, it is hoped that our study will help others to develop a better understanding of the constraints faced and the opportunities available to Singapore as she becomes an advenced developing nation in 1996.