Definition and conceptual understanding
What is economic competition as defined by the World Economic Forum (WEF)?
Economic competition is “the set of institutions, policies, and factors that determine the level of productivity of a country” while also promoting individual well-being.
Which country is the focus of India’s competition in global manufacturing?
China, Vietnam, and Bangladesh.
What are the pillars of sustainability mentioned in the slides?
Social and economic pillars.
What industry is India a global leader in, despite facing challenges?
The IT industry.
What voucher initiative has Singapore introduced to address the high cost of living?
CDC Vouchers
How does economic competition impact income levels?
It boosts collective productivity, leading to economic growth and rising income levels, which enhances human welfare.
What position does India hold in agricultural exports globally as of 2023?
India is the 8th largest exporter of agricultural products.
What is a trade-off associated with economic competition?
Economic growth and employment, social cohesion and integration
How has anti-outsourcing policy in the US affected India’s IT industry?
It slows growth by creating competition from countries like the Philippines and Costa Rica.
What major free trade agreement supports Singapore’s competitiveness?
The Regional Comprehensive Economic Partnership (RCEP).
What are the challenges India faces in manufacturing due to competition from other nations?
Challenges include infrastructure and regulatory issues, making India less cost-effective compared to countries like China.
How does Singapore maintain its competitiveness despite high costs?
Through efficient government policies, ease of doing business, and world-class infrastructure.
How has high living cost discouraged FDI in Singapore?
Rising operational costs push multinational companies to seek alternatives in neighboring countries.
What challenges does India’s infrastructure present in manufacturing?
Legal and regulatory challenges that hinder competitiveness and foreign investment.
How does the government rebate program impact Singapore’s economy?
It boosts household spending and supports local businesses.
How do geopolitical issues affect India’s export competitiveness?
Events such as the Red Sea Crisis and the Russia-Ukraine war disrupt global trade dynamics, leading to changes in market prices, tariffs, and policies.
What is Singapore’s rank in the IMD World Competitiveness ranking for 2024?
Singapore was ranked first as the world’s most competitive economy.
How do Singapore’s trade policies address global competition?
By signing agreements like the RCEP to enhance economic integration with 15 member countries.
How do trade agreements like the RCEP support Singapore’s technology sector?
By providing streamlined trade processes and market access for goods and services.
How effective are cash payouts in reducing poverty in Singapore?
They help mitigate rising costs but are part of a broader strategy addressing economic disparities.
What does economic competition mean for local job opportunities in Singapore?
It creates tensions as foreign talent fills skill gaps. Government programs like SkillsFuture aim to upskill locals to remain competitive.
Why is Singapore considered the most expensive city globally multiple times over the past decade?
Due to significant increases in the cost of education, healthcare, and housing prices.
How does Singapore address skill shortages caused by economic competition?
By investing in initiatives like SkillsFuture and attracting foreign talent to fill skill gaps.
How does innovation help Indian manufacturers counter global competition?
By enabling them to reinvent and retain market share despite lower cost competitiveness.
What role does foreign manpower play in Singapore’s economic strategies?
It fills critical skill gaps in the aging and shrinking local workforce while causing some social tensions.