Development Of the Economic System
Singapore's economic system has definitely grown. In the sixties, Singapore was the " third- world nation with poor infrastructure and limited capital". There was a huge unemployment rate and "labor unrest". They needed to have industries thus the development of the Jurong Industrial Estate. This was the first estate on the Island. The Singapore Economic Board ( EDB) was established. They had a budget of 13 million dollars. They had to convince foreign investors that Singapore was good for business. These two buisnesses were the first to start Singapore's Industrialization. After that, more factories were being build for clothes, toys and other miscellaneous necessities. Mow in the Millennium, in 2006, the government set aside more than 13 billion dollars to promote R&D over the next five years. The government set aside the money in hopes to reach its "goal to increase gross expenditure R&D (GERD) from 2.25 per cent to 3 per cent of gross domestic product (GDP). Singapore has put a strong Intellectual Property in place as well as protection and enforcement environment. So as you can see, Singapore is continuing to grow to bigger and more beneficial industries to better the economic system.