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PESTLE Analysis of Singapore Assignment
PESTLE Analysis of Singapore
Singapore is one of the leading sector in business and technology that having the significant impact on the development of the technical tools and implementation for managing the operational and functional activities. The industry of technology development of country is growing with rapid speed and having positive impact on the technical advancement. However in the business sector industry of Singapore is growing but there are some technical factors that having vital impact on the development.
From the analysis of development and approach of the country, it is been considered that technological development and advancement in uses of ICT in business and communication are the major factors in the growth of Singapore. The life style of people and quality of daily operations is having significant impact of the internet, social networking and communication technology that has been used here. IT-infrastructure of country is praise-worthy and having the positive impact on the growth of nation (Ramaseshan.et.al. 2015). The penetration rate for household broadband internet is over 70%. E-commerce and eB2Cmodels have flourished in turn. More than 10Mbps of broadband internet service is available. The tendency and approach of the young generation of country is technology oriented that having the positive impact on the development of technical industry. According to observation, it is been carried out that economy of nation is strong and majorly based on the technology and electronic market. Moreover, the literacy rate of nation is high as people are very much concern about the uses and benefits of technology in business and maintaining the good life. The good command over English and Chinese language is helping nation to encourage the technical development. The national government is assuming that growth of electronic commerce and technology is key area of concern to maintain the ethical and legal approach in the business sector.
For that purpose, national government of Singapore has applied rules and regulations to sustainable development of technical industry. The government has proposed Intellectual Property Rights, Electronic Transaction Act and Content Regulations (Lin.et.al. 2016). Apart from that, recently government has invested in diversifying the economy by focusing on the tourism and pharmaceutical industries which is hindering the opportunities for technical development in near future. The major economic factor in this particular industry is labor shortage, rising cost of labor and decline in productivity. In addition to this, technical industry of country has significant contribution in the GDP and overall economic growth of nation. For the transformation of industry, national and local governments are monitoring the impact of policies and regulations as well implementing the changes to meet the objectives. In spite of that, technical advancement in the different sector of nation is helping to maintain the growth as well cost effectiveness in the services industry (Tay.et.al. 2015). By considering the facts it is been consider that technical factors are in favor of nation as government and business organizations are utilizing them for utilization of opportunities and planning of business along with control and monitoring.
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- Ramaseshan, B., Wing, W.T. and Tsao, H.Y., 2015. Determinant factors on the success of adoption of B2BEC for manufacturers (SMEs) in Singapore. In Marketing, Technology and Customer Commitment in the New Economy(pp. 190-194). Springer International Publishing.
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