1. Singapore is fanatical about toilets. World Toilet day, November 19th, was created after the Singapore government scheduled a UN resolution to designate the day. On November 19th, the World Toilet Organization formed in Singapore.
- Singaporeans claim they are an egalitarian society, yet they retain strong hierarchical relationships that can be observed in the relationship between parents and children, teachers and students, and employers and employees.
- This goes back to their important cultural value, group dependence.
- This reliance on hierarchy is drawn from Confucianism, which emphasizes respecting age and status, even blind obedience to one’s elders. . In the workplace this is seen in the increased deference that is paid to employees who are older.
- The elderly are always treated with the utmost respect and courtesy.
- Even if you do not personally know the individual, you will be expected to give special consideration.
- Elders are introduced first, are given preferential seating, are given the choicest food, and in general put on a pedestal.
- There was a law passed in 1996 that mandated that children must assume financial responsibility for their elderly parents should the need arise.
- This is indicative of the high status of the elderly and the challenges facing the small country as the next generation becomes more individualistic.
4. What makes the Singapore economy tick?
A major financial hub in the Asia Pacific region, Singapore has long earned a reputation as one of the world’s most advanced economies.
In 2017, Singapore was ranked as the world’s second most open economy by the Heritage Foundation’s Index of Economic Freedom, as well as the world’s second most pro-business regime by the World Bank’s Doing Business report.
Despite its small domestic market and a lack of natural resources, Singapore successfully weathered through the financial crises of 1997 and 2008. Today, the Singapore economy is one of the most stable in the world, with no foreign debt, high government revenue and a consistently positive surplus.
The Singapore economy is mainly driven by exports in electronics manufacturing and machinery, financial services, tourism, and the world’s busiest cargo seaport.
5. The Economy of Singapore
Generally, the economy in Singapore has a very good reputation. Its strong growth has earned the small country the nickname “Asian tiger”. However, since the economy of Singapore is dependent on exports, it has been affected by the slowdown of the manufacturing sector.