Professional Documents
Culture Documents
3. To what extent does your country challenge the current state of affairs? Comments
Moreover, some also argue that Singapore is quick to challenge the current state of affairs in
terms of managing the economy. Since independence, Singapore has been renowned for
its tight budget position and fiscal prudence. Even in times of crises like in 1973-74 where
inflation hit nearly 25% due to OPEC’s decision to triple the price of oil, the 1987 Black
Monday crash, the 1997 Asian Financial Crisis where the Singapore dollar depreciated by
20%, or the global slowdown after the 2001 World Trade Centre bombing, Singapore has
staunchly refused to back down from its stand on balancing the budget. Yet the 2008-2009
financial crisis prompted the slashing of a ‘sacred cow’, by dipping into the reserves for the
first time, using S$20 billion to strengthen the economy for long-term capabilities. Similarly,
while the first Central Provident Fund (CPF) policy of 20% employer contribution rate and
20% employee contribution rate was implemented in 1965, the Singapore government has
shown that this is not cast in stone, instituting changes, notably in 1998 where the employer
contribution rate was slashed by 10 percentage points. Furthermore, Singapore has shown
itself to be ready to challenge this current state when it increased the employer contribution
rate in 2009 after a period of economic boom. It is with such nimble deftness that Singapore
operates its economic and financial policies, which lead people to believe that it challenges
the current state of affairs, having no qualms of changing the status quo.
3. To what extent does your country challenge the current state of affairs? Comments
Moreover, some also argue that Singapore is quick to challenge the current state of affairs in CA + elaboration
terms of managing the economy. Since independence, Singapore has been renowned for Egs - statistics &
its tight budget position and fiscal prudence. Even in times of crises like in 1973-74 where
inflation hit nearly 25% due to OPEC’s decision to triple the price of oil, the 1987 Black S’pore’s historical
Monday crash, the 1997 Asian Financial Crisis where the Singapore dollar depreciated by background
20%, or the global slowdown after the 2001 World Trade Centre bombing, Singapore has (details included)
staunchly refused to back down from its stand on balancing the budget. Yet the 2008-2009 Pertinence of egs
financial crisis prompted the slashing of a ‘sacred cow’, by dipping into the reserves for the
first time, using S$20 billion to strengthen the economy for long-term capabilities. Similarly, More egs –
while the first Central Provident Fund (CPF) policy of 20% employer contribution rate and statistics and facts
20% employee contribution rate was implemented in 1965, the Singapore government has (Reliable?) In-
shown that this is not cast in stone, instituting changes, notably in 1998 where the employer depth knowledge
contribution rate was slashed by 10 percentage points. Furthermore, Singapore has shown
itself to be ready to challenge this current state, when it increased the employer contribution of Spore
rate in 2009 after a period of economic boom. It is with such nimble deftness that Link back to the
Singapore operates its economic and financial policies, which lead people to believe that it CA and qn.
challenges the current state of affairs, having no qualms of changing the status quo.
(paragraphs adapted from KS Bull essays)