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Essay / Research Paper Abstract
This 3 page paper address activities initiated by the Singaporean government after the 1997 Asian financial crisis. Bibliography lists 6 sources.
Page Count:
3 pages (~225 words per page)
File: RG13_SA925sin.rtf
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Unformatted sample text from the term paper:
Asian nations ("The financial crisis and ASEAN," 1999). It actually started in Thailand but spread rather rapidly. Many of the local nations would take action to assure that their economic
fates would not succumb to the crisis. Singapore is one such nation that saw the handwriting on the wall, and took prompt action. At least, by 1998, Singapore realized that
while the nation was in fairly good shape, it would not escape the effects of the regional economic crisis. Yet, more than a decade later, one must ask whether or
not the actions were truly effective. Bursuk (1998) reports shortly after the crisis that Singapore would be engaging in financial reforms. For example, Prime Minister Tong claims that the employers
mandatory contribution to the pension program should be reduced (Bursuk, 1998). It was thought at the time that such a change would save businesses as much as $4 billion
each year (Bursuk, 1998). Many businesses hoped that Singapore would reduce the corporate tax rate as well (Bursuk, 1998). The committee would also note that telecommunications and state electricity and
things such as that would also have to be reduced (Bursuk, 1998). The government would eventually decide just how much utility rates would be cut (Bursuk, 1998). In examining what
was going on at the time shortly after the baht fell, it is clear that Singapore took significant measures to see to it that the people would not be hurting.
The goal of the cost cutting was to restore competitiveness to Singapore (Roth & Columbus, 1999). The question is, were these measures successful? One can tell whether or not this
is the case by looking at Singapore now. A student writing on this subject notes that cost cutting exercises did occur in regard to wage cuts, reduced costs of rents
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