Business Enterprises and Human Resources †MyAssignmenthelp.com

Question: Discuss about the Business Enterprises and Human Resources. Answer: Introduction: The growth rate of Singapore has not changed much in 2016 (2.0%) than that in 2015 (1.9%). The factors contributing to the growth rate of the country and a sector wise comparison of the countrys growth are provided in this brief. The brief also tries to analyze the strength, weaknesses, threats and opportunities of the economy of the country, based on the data report released by the Ministry of Trade and Industry of the country, for 2016 (Abc.net.au, 2017). The claims of the report are tried to be supported with the help of IS-LM framework. The economy of Singapore, though showing sluggish growth trends in the first three quarters of 2016, overcame the stagnant state with impressive growth trends in the last quarter of the year. The total demand in the economy was hiked by 2.8% in the fourth quarter of 2016 turning around from a previous decline (Rodan, 2016). Strength- The primary contributor of the growth of the economy of Singapore in 2016 being the manufacturing sector, with a growth rate of almost 3.6%, the economy also saw a hike in the external demand sector. In spite of the growth rate being less compared to that in 2015, the sector still showed impressive prospects, much of which is due to the increase in the export of merchandise (Abc.net.au, 2017). The service industry also grew by 3.1%, contributing to the increase in the external demand sector. This has been mainly due to the increase in the export demand for transport and travel services. The consumption expenditures, both public and private, grew at a stable rate, the main contributors being spending on transport and housing (LEE WARNER, 2013). Weaknesses- The growth rate of the economy, due to the impressive performances of the above-mentioned sectors, was reduced to a considerable extent due to comparatively inferior performances of the construction and business services industry, both of which showed a negative growth rate. Food and accommodation sector also showed a stagnation in growth durng this period. The consumption expenditure also experienced a slowdown from that of 2015, due to a fall in demand for recreation and culture services. Opportunities- With the increase in the growth of manufacturing sector and a hike in the export demand for merchandise, the economy is expected to have future prospects in this sector. The external demand for services also showed upward trend in 2016. Collectively, these two sectors, shows opportunities of prospering, if the current growth rates are maintained. Housing and transport industries also show future prospects, with the consumption expenditures increasing in this sector (Rodan, 2016). Threat- The business service and construction sector performing badly, these sectors pose a threat of slowing down the growth rate of the economy in the coming years, if these trends of negative growth remain. The consumption demand for miscellaneous services including recreation and culture services are falling, which can be seen in the expenditure, patterns (LEE WARNER, 2013). From the above interpretations of the data released, it can be concluded that the economy of Singapore, though experiencing slow-downs in several sectors, in general is showing a standard growth pattern, much of which is attributed to the impressive performances of the manufacturing sectors and a continuous increase in the external demands for their merchandise and several services. If proper emphasis is given to these growth-augmenting factors, the country can show even more growth prospects in near future (Rodan, 2016). The potential of the growth in the external sector, as a contributor to the growth of the economy of Singapore can be explained with the help of the ISLM Model: In ISLM Model, the IS curve denotes equilibrium in the commodity market, where commodity supplied is equal to commodity demanded. A rightward shift in the IS curve in general signifies increase in the overall production in the commodity market (Kriesler Nevile, 2016). This is relevant to the growth potential of the external sector of Singapores economy, which can be shown as follows: Due to an increase in exports of their merchandise, the IS Curve shifts upwards, thereby increasing the commodity demanded as well as the price level of the country, thereby, increasing the prospects of the country in this sector. Therefore, emphasizing on the growth of this sector can prove beneficial for the economy of Singapore in the long run (Kriesler Nevile, 2016). References Abc.net.au. (2017).Gas supplier monopoly pricing hits domestic users hard: ACCC.ABC News. Retrieved 24 August 2017, from https://www.abc.net.au/news/2016-04-22/gas-supplier-monopoly-pricing-hits-domestic-users/7350338 Kriesler, P., Nevile, J. W. (2016). IS-LM and macroeconomics after Keynes. InPost-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki(pp. 69-80). Palgrave Macmillan UK. LEE, G. O., WARNER, M. (2013). Epidemic on the Service Sector in Singapore.Management in South-East Asia: Business Culture, Enterprises and Human Resources, 114. Rodan, G. (2016).The political economy of Singapore's industrialization: national state and international capital. Springer.