Role Of Small Business In Economic Development
does farming play an important role in economic development in singapore?
Because farming is done in such a small due (land scarcity), does farming, though with the aid of technology, play an important role in the economy? If it does not, to what sectors (e.g. business, chemistry, etc) does it lose to?
But the emphasis on self-sustainability has led to high-tech farming in Singapore. And since is not of much relavance, can we use other ways to improve on the situation? We can’t possibly depend on our neighbouring countries for food forever.
Definitely not, because as you’ve mentioned, land is scarce in Singapore. There is no comparative advantage for Singapore to participate in farming activities. Like what the above mentioned, export is the main component of our economy.
If you look at the GDP percentage, exports always exceed 100% of Singapore’s GDP. (Although this is balanced through our high amount of import) Investments would be the next biggest, I believe.
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