to what extent did peoples lives change after independence Flashcards
what were the economic challenges
- limited access to malaysian hinterland
- threat of unemployment
explain limited access to malaysian hinterland
(what were the economic challenges)
- Malaysia increased tariffs on Singapore’s exports, raising their prices → lowered demand for Singapore-made goods as Malaysian-made goods were more affordable in comparison.
- Malaysia also reduced volume of exports such as tin and rubber to Singapore. Malaysia sought to process and export these products directly from its own ports instead.
explain threat of unemployment
(what were the economic challenges)
- In 1965, there were already more than 70,000 unemployed persons out of a total labour force of over 700,000.
- Entrepot trade was declining since WWII, amid growing competition from other ports in the region, which resulted in diminishing job creation.
- Closure of British military bases also negatively affected the 40,000 people dependent on supplying goods and services to British servicemen stationed there.
How did Singapore address these Economic Challenges?
- economic diversification
- development of infrastructure
explain economic diversification
(How did Singapore address these Economic Challenges?)
- Development of export-oriented industrialisation where the majority of goods produced would be exported worldwide.
- The Economic Development Board (EDB) was set up to promote industrialisation and to attract Multinational Corporations (MNCs) to set up their factories here.
what are some MNCs that set up their operations here
- Shell oil refinery
- Seiko (watch components)
- Hewlett-Packard (electronic equipment)
what are key industries that singapore developed
- Electronics
- Petroleum Refining
- Ship Building and Repairs
- Garments and Textiles
Benefits of MNCs setting up operations in Singapore
- Employment for thousands of people.
- Valuable technical training and work experience for the locals of Singapore.
- Greater access to modern technology.
- Increased exports of locally manufactured goods to overseas markets.
- Almost 150,000 jobs were created between 1967 – 1973
- Up until 1973, the gross domestic product (GDP) exceeded 10 per cent every year.
explain delevopment of infrastructure
(How did Singapore address these economic challenges?)
- To support diversification of economy.
- Attract MNCs and other foreign investors.
- To facilitate growth of manufacturing
industries.
what are the 6 areas of developement of infrastructure
- Telecommunications
- Banking and Finance
- Public Utilities
- Air Transport
- Land Transport
- Sea Transport
explain telecommunications
(Development of Infrastructure)
- To boost connectivity among industries and households, the telecommunications system was improved.
- 1967 to 1972: the Singapore Telephone Board built the network size to 200,000 telephones.
explain banking and finance
(Development of Infrastructure)
- Banking and financial services were expanded to meet the needs of MNCs and other companies.
- The Development Bank of Singapore (DBS) was established in 1968 to finance industrialisation and other development projects.
explain pubilc utilities
(Development of Infrastructure)
- The Public Utilities Board was set up in 1963
- It was responsible for providing water, electricity and gas to industries and households.
- Improved the operating conditions of industries and people’s living conditions
explain air transport
(Development of Infrastructure)
- Paya Lebar Airport was expanded in the 1960s and 1970s to handle more passenger and cargo traffic.
- In 1975, the government decided to replace it with Changi Airport due to insufficient space for future expansion.
explain sea transport
(Development of Infrastructure)
- Port of Singapore Authority (PSA) was formed in 1964 to manage port operations.
- Set up port facilities in Jurong, Sembawang, Tanjong Pagar and Pasir Panjang.