Here, we will examine the manner in which the Ministry of Trade and Information Singapore formulates certain economic strategy and the manner in which they are in compliance with the basic economic management philosophy of free market economy and outward oriented economic policies. Accordingly, this paper will also delve into the manner the tourism policies have been formulated so that they comply with the economic strategies to attain robust economic growth in the nation. Contents Abstract 2 Introduction 4 Formulating Economic Policies for Singapore 4 Current Economic Management Philosophy 6 Tourism policy instruments 7 Conclusion 11 Reference 12 Introduction The Ministry of Trade and Industry Singapore helps in directing policy formulation with reference to developing industry and trade in Singapore. Its mission is to enhance economic growth and help in creating more job opportunities so as to attain enhanced living standards (MTI, 2013). Formulating Economic Policies for Singapore The Ministry of Trade and Industry Singapore formulates certain strategies which drives economic growth. The Economic Strategies Committee of MTI Singapore, came up with several strategies to boost economic growth in the year 2010. ...
This may be possible only if productivity increases. For this, the economic policy focussed on productivity – based growth. They realised the need to deepen expertise and skills so as to strengthen each sector and drive economic growth. The strategies formulated needed to focus Singaporeans to spend more time on business activities and tasks. High rate of competency and knowhow is required for conducting high skilled tasks and provide excellent service to customers and enable organizations to innovate, change and align strategy and structures with changing market situations (Economic Strategies Committee Report, 2010). A significant goal of strategizing and implementing government policy is by promoting industrialization. Industrialization is a tool which developing nations like Singapore use to attain augmented economic growth and thereby attain the privilege enjoyed by developed countries (Goh, 2005). Accordingly, the economic strategy has been formulated which supports and promotes innovation and drives growth. The policy formulation were made keeping in mind to aid the international community by striving to decrease carbon emissions. A corporate social responsibility perspective was also considered while formulating the economic strategies in Singapore. Corporate social responsibility is a global topic and may be used in diverse manners in diverse nations. Also the nation has less of corruption and nepotism which further helps in driving growth. The incorporation of corporate social responsibility in various business enterprises has been a critical factor while considering strategy formulation for economic policies in Singapore. The trade practices including imports and exports and foreign direct investment in
Policy and Planning Tourism ABC XYZ University Abstract In today’s world of cut throat competition and economic downturn, nations are constantly striving to attain robust economic growth by recognizing and identifying certain sectors which may help in garnering revenue…
COVER PAGE ESSAY A CRITIQUE ON THE TOURISM PLANNING AND POLICY IN CROATIA YOUR NAME TABLE OF CONTENTS Executive Summary 2 1. Introduction 4 1.1 Key features of existing tourism patterns, significance to the economy and employment 4 1.2 Key institutions responsible for the policy framework and tourism development 4.
Policies are documents or laws made by the government in conjunction with other stakeholders to improve the existing laws. In the tourism industry, certain laws are made in order to increase the returns acquired through foreign exchange and tourist spending while still conserving the natural resources as well as the culture of inhabitants.
The author states that tourism planning takes place at three different stages or levels: nationally, locally and one’s attraction. It is practiced through the development of policy, the national standards, and the institutions. At the site level, it involves the planning, design and the development of individual tourist attractions.
The SWOT analysis would consider various data on the players running similar business in NYC, the trends in the labor market of NYC, the demographic profile of the labor market and the general demographic profile of the area, the various cultural and social aspects on the industry and other forces responsible for the functioning of the tourism business in NYC.
It offers to its visitors the cosmopolitan amenities they expect from big cities and also a unique treasure trove of cultural attractions. Hong Kong is one of the most visited tourist destination in the world (Quan, 2013).Hong Kong is located in Southeast Asia and is one of the countries in the world which were colonized by Britain.
1. Unrealistic, inappropriate and irregular intelligence combined with less focus on tourism research, forecasting and data driven strategic planning are the key factors affecting the two popular destinations of the world. One of the primary issues common to both destinations are managing the diversities in terms of culture, luxuries and bringing regional priorities in line with the local priorities which plays a crucial role to improve the standard of services to every single tourist.
Therefore, these two cities are faced with a double challenge. This is described by the Conference on “Tourism and the City: The challenge of Sustainability.”Both cities are expected to respond to the needs and expectations of the increasing tourists number attracted to their varied and rich array of business, cultural, shopping, sports, entertainment and other attractions; Furthermore, they are required to continuously improve and renovate such facilities so that to maintain their share in the market of competitive tourism as well as the benefits that results from it.
The transport and communication development has further enhanced the travelling system. The dawn of 21st century will witness the boom in the traveling industry especially in the developing region like Asia which holds
France is one European country that benefits from some of the perks brought on by tourism (Gunn & Var 2002). As a politically stable country, it is well-known for some of its exotic features. It is revered for its attractions,