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1985 recession?
• 1979, wage policy overambitious, growth of labor productivity had not kept pace
with rising wages that lead into nation cost
• In 1985 – a deep recession was accompanies by weak external demand, low profits
, much reduced investment manufacturing and increasing of unemployment rate.
• High-Level Economic Committee April 1985 – handle this recession
• They recommended to the government lessen its extensive managerial and development
role to allow the private sector more freedom .
• It used to advocated flexibility in wage setting and reduction of the high mandatory of CPF contribution in
order to stimulate domestic demand.
• In 1989 , Lee Government reduced the stringent of resident status criteria for up
to 25,000 skilled workers from Hong-Kong to increase the number of skilled
worker.
• Established of a “growth triangle” comprise of Singapore , Malaysian and Riau
Island of Indonesia.
• The benefit of corrective measure :
• 1987 – GDP growth rate of 9.8% exceeded the predicted figure of 6%
• 1988 – High Export Growth And Domestic Demand Led To 11.5%
• 1990+ – Manufacturing sector (Electronic component) grew by 9.5%.
- Financial services had grown dramatically & influenced for 28% of
GDP and employed 11% of the labor force.
- Become world largest oil-trading center.
- Changi Airport become the world best airport and same goes
to Singapore airlines
Q 2: Why does Naranya engage in Csoftmty?
Should they? Are they doing the right way? What
does C Csoftmty do? Is’t successful in its activities?