the impact of social welfare and industrial policy initiatives

The social welfare policy affects the actions of the employer and the employee in the labour market, and on this basis, it makes a notable impact on the unemployment rate.

The goal of social welfare is to fulfill the social, financial, health, and recreational requirements of all individuals in a society. Social welfare seeks to enhance the social functioning of all age groups, both rich and poor.

           

An Industrial Policy can be defined as a set of actions or interventions by the state in order to affect the way factors of production are being distributed across national industries.

The impact of social and industrial policies when applied correctly can lead to rapid economic restructuring changing from export-oriented industrialisation of traditional labour intensive products to more complex and sophisticated export-oriented industrialisation based on the export of capital and technology intensive manufactured products which is taking place in Singapore.

 the impact of macro-economic policy measures and the influence of the global economy

 

Two aspects of economic globalization on Singapore.

Strengths	Weakness
The government’s highly efficient and flexible, foreign relations and competitive business environment caters to the changing need of globalization.	A small country with a limited pool of resources and population resulted in the economy depending heavily on overseas market demand. Economic development is restricts by external economy severely.
The economy will be able to evolve and improve.	Lack of local talent and hence it impedes the growth of SMEs which is critical since globalization tolerates only the strongest and the fittest. This makes it difficult for SMEs to grow.
Participation in the economic globalization resulted in competitive advantages of various qualities.	The mentality of the new generation in Singapore can be thought of as lacking in experiencing hardship and hence is weak when adapting oneself to face new challenges and problems.