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Review of Literature: Government intervention in relation to Singapore SMEs survivability during the recession in Singapore - Essay Example

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Most countries in the world have been affected by the serious Economic Recession that began in the late 2007 and got worse towards the second quarter of 2008. Singapore has also been affected by this economic malaise; the impacts have mostly been felt in Singapore’s Small and…
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Review of Literature: Government intervention in relation to Singapore SMEs survivability during the recession in Singapore
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Download file to see previous pages dustries are overwhelmed with huge financial burden and the yearning for greater exports for their products, for which international markets have been dwindling over the years.
The major problems Singapore SMEs face as a result of the recession include loss of revenues that happen because their sales volumes have drastically been reduced as they could not export many of their products to overseas; insufficient capital to fund some of their operations due to the restrain on lending from banks and other lending institutions as the financial crisis bit harder; a drop in production as industries attempt to cut cost by firing some of their workers. All these problems have rocked Singapore SMEs during the recession, which then forces Singapore Government to come up with some measures to intervene in the matter, in order to save the country economic powerhouses from collapsing.
As the number of job losses increases and the country’s economy indicates that the recession is biting hard, the Government of Singapore has come forward with some measures to intervene in the economic activities of its SMEs industries (OECD & APEC 2008, pp.103-104). Some of these redemptive actions are as follows:
Establishment of exporting markets: Singapore Government realizes that the domestic markets have already been saturated with the products/services the small and medium enterprises produce in the country. There is need for exporting markets, and the Singapore Government has begun to engage in consortium with other countries in Asia with hope of creating foreign and bigger markets for the country’s SMEs (OECD & APEC 2008, pp.103-104). Singapore has been in touch with China, Malaysia and Indonesia to encourage their local buyers to import from Singapore. The Government is planning to extend business relationships into other regions like Middle East, India and Vietnam (OECD & APEC 2008, pp. 103-104).
Provision of Job Credit: The Government also make job credit available to the SME ...Download file to see next pagesRead More
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