ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 1

BACHELOR OF BUSINESS (HONS)

FEBRUARY 2025 SEMESTER
PROJECT

Course Code : ECO102

Course Name : PRINCIPLES OF MACROECONOMICS

This project carries 60% of the total assessment for this course.

Examiner(s): Student ID & E-mail: E2300407

manhcuong1211qbh@[Link]
K CHANDRA SAKARAN

Submission/ Time: 27 JUNE 2025, 14:00PM

Date (Released): 13 JUNE 2025, 14:00PM

Time allowed: 14 DAYS

INSTRUCTION(S):

1. This project consists of a written report how intellectual property (IP), human capital development,
health care development, and trade contribute to economic growth and development in a selected
country.
2. Students are required to submit their answers via Turnitin before submitting them to the lecturer via LMS
(including the Turnitin digital report)—send in PDF document only.
3. The format of the submitted answer script should be as below:
Font: Times New Roman
Font Size: 12
Spacing: 1.5
Margin: Normal
4. Students are to provide their student ID and e-mail address in each of their answer scripts.
5. Students MUST pass this project to pass this course.

(This project paper consists of 10 printed pages, including the cover page)
ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 2

ANSWER BOOK

Student ID
Number : E2300407

Student
Name : Tran Manh Cuong

Subject Code : ECO102

Date : 26/06/2025
Lecturer/ Tutor’s Name:

Question
INSTRUCTIONS TO CANDIDATES: Section Marks
Number
1. Begin each answer on a fresh page.
2. Write the question number on each page.
3. Write in the table on the right, the numbers of
the questions attempted in each section, the
order in which they have been attempted.

TOTAL
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 3

Contents
I. Introduction ........................................................................................................................................................4
II. The importance of the given factors ..............................................................................................................6
1. Intellectual Property (IP) ...............................................................................................................................6
1.1 Role of IP in the economic growth ...............................................................................................................6
1.2 Current status in Singapore...........................................................................................................................6
1.3 Examples ......................................................................................................................................................7
1.4 Challenges and recommendation ..................................................................................................................7
2. Human Capital Development ........................................................................................................................8
2.1 Importance in enhancing productivity and competitiveness .....................................................................8
2.2 Current trends and policies in Singapore ..................................................................................................8
2.3 Challenges and recommendations ................................................................................................................8
3. Health Care Development .............................................................................................................................9
3.1 Contribution to workforce productivity and economic stability...................................................................9
3.2 Current status and policies in Singapore ......................................................................................................9
3.3 Challenges and recommendations ................................................................................................................9
4. Trade............................................................................................................................................................10
4.1 Role in economic integration and growth...................................................................................................10
4.2 Current trade performance of Singapore ....................................................................................................11
4.3 Challenges and recommendations ..............................................................................................................11
III. Conclusion ...................................................................................................................................................12
IV. References ...................................................................................................................................................13
V. Check Turnitin.............................................................................................................................................23
***END OF PROJECT PAPER*** ........................................................................................................................24
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 4

I. Introduction

This report is intended to give you an understanding of what a country's economy is. A country's
economy has many factors to measure economic health. With a large amount of data, this report only
focuses on the importance and impact of intellectual property (IP), human capital development (HCD),
healthcare development (HCDev), and trade. It seems that these categories of information are more
suitable for analyzing Singapore than other countries as a small country in the developing Asian bloc.
Singapore has undergone a development process that the whole world calls the "Singapore Miracle" -
from an economically underdeveloped colonial land to a prosperous global economic center. Currently,
Singapore is considered one of the most competitive economies in the world as well as a business-
friendly open economy. This emphasizes the role of the government in creating conditions to bring
Singapore to rapid development and become a miracle in the eyes of other countries. The policies
introduced by the Singapore government have promoted four key factors – intellectual property, human
resource development, health development and trade – which are recognized in the current economic
growth tax, which are important factors in assessing the speed and sustainability of the economy.
Through the following table, you can see Singapore's strong and sustainable growth over time, although
there is a period of slowdown, but it is undeniable that the intangible development contribution of IP,
HCD, HCDev and trade in the model and consistency of Singapore's economic expansion.
GDP per
GDP GDP per GDP (USD capita GDP
(billion capita (USD billion in (nominal Growth Inflation Unemployment
Year USD PPP) PPP) nominal terms) USD) (net) (%) rate (%) (%)

1980 25.8 10,700.0 22.7 9,400.0 9.4 8.5 3.0

1985 39.5 15,200.0 29.0 11,200.0 -1.4 0.4 4.9

1990 69.8 24,000.0 48.0 16,500.0 9.0 3.4 1.7

1995 124.5 36,000.0 90.0 26,000.0 8.8 1.7 2.0

2000 195.0 48,000.0 118.0 29,000.0 9.9 1.3 3.0

2005 280.0 60,000.0 140.0 30,000.0 6.6 0.5 3.1

2010 390.0 75,000.0 220.0 42,000.0 14.7 2.8 2.2

2015 490.0 89,000.0 300.0 54,000.0 2.0 -0.5 1.9

2020 500.0 87,000.0 340.0 59,000.0 -3.9 -0.2 3.0

2021 534.9 95,310.3 343.2 61,100.0 7.6 2.3 2.6

2022 560.0 98,000.0 360.0 63,000.0 3.6 6.1 2.1

2023 564.0 99,000.0 370.0 64,000.0 1.1 4.8 2.0

 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 5

With the data above, you can see from Singapore's restructuring period in the 1980s, an important period
to focus on improving competitiveness and developing the quality of life; has successfully transferred
from a manufacturing country to an economy based on knowledge, high technology and services. The
government has invested heavily in education, training and upskilling for the people to serve the modern
economy, innovating policies for infrastructure and human development to encourage research,
development and application of new technologies, and creating high-value products and services. Since
then, Singapore has been considered one of the four Asian economic dragons because of its policy of
innovation and successfully developing into one of the major economic centers in the world in a short
time.
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 6

II. The importance of the given factors

1. Intellectual Property (IP)
1.1 Role of IP in the economic growth
Intellectual property is the right of organizations and individuals to the intellectual property
they create—in order to protect their creations, inventions, inventions, trademarks and other
intellectual property, to allow the ownership and control of use for business purposes; is a
fundamental factor to help start-up economies have a stepping stone to develop and
transform the economy, for example, Singapore from a processed craft economy to a
knowledge-based development economy, expanded technology assigned to trade and the
Fintech industry attracts a lot of investment. Transforming intangible assets into tangible
growth, boosting the national economy with many policies to expand R&D to create
exclusive commercial enterprises such as financial technology - Blockchain; Semiconductor
chip technology - TSMC exclusively leads the industry in Taiwan. From developing
monopoly advantages to creating opportunities to participate in the global trade playground,
attracting investment from multinational corporations, reducing the risk of supply
disruptions. Comprehensively transform the economic foundation from manual production to
the knowledge economy, promptly adapting to the development of the "Gen Z" era - the
intellectual playground and digital economy. Promoting the development of public policies
and intellectual property interests has spurred businesses and entrepreneurs to engage in
R&D.

1.2 Current status in Singapore

Since the innovation period of the 1980s, Singapore has recognized the importance of IP and
its strong impact on the economy, the government advocates policies to position the
development model and attract companies in thriving fields such as AI and SaaS. Singapore
has moved to the global position in the 2023 Global Innovation Index and the leading
position in Asia.
The IP ecosystem is firmly built with laws: "patents", "copyrights", "trademarks"; all are
modernized and synthesized at IPOS to adapt to the digital age. Only in 2023, the AI
strategy 2.0 has developed as rapidly as IPOS's FinTech Fast Track, allowing for the supply
and identification of patents.
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 7

Intellectual Property Registration Statistics Table in Singapore 2023

Intellectual Total number of Local Overseas Application
Property Type applications (Foreign)

Trade Marks 55,109 (by grade) 13,301 (by 41,808 (by class)
class)

Patents 13,767 (singles) 1,621 12,146 (singles)

(single)

Industrial Designs 1,692 (design) 472 (design) 1,222 (design)

Geographical 0 0 0
Indications

Total Filing 70,568 15,394 55,176

From the data on the table, it has been shown that the number of IPs registered in 2023 in
Singapore with the majority of patents, designs and trademarks registered coming from
overseas organizations. This shows that Singapore has succeeded in becoming a global IP
hub.

1.3 Examples
Singapore has become a major global center for intellectual property ownership and
protection. Specifically, Apple Inc has registered to protect the trademark "iPhone" and the
symbol of the bitten apple in Singapore to prevent counterfeiting on commercial floors. Or
GrabTaxi Holdings owns 52 patents on the electronic positioning and payment system,
monopolizing the core technology of the Grab application.
Singapore has also succeeded in protecting intellectual property when there are classic
lawsuits, for example, OOPA Singapore and CEO Bui Sy Phong (2021) protected the creative
rights of OOPA subsidiary when the CEO of the parent company arbitrarily separated
intellectual property to establish a rival business.

1.4 Challenges and recommendation

Although Singapore has built a strong IP base, the country still faces major challenges in
identifying and building IP knowledge for domestic companies. Most companies want to use
IP to raise capital without using government subsidies for IP activities. For example, the rate
of online counterfeit goods accounts for 8.3% on e-commerce platforms - more than 62% of
electronic products sold online violate IP; low transfer rate of local enterprises (16.7%)-
Singaporean enterprises registered 1,219 (2023) while Huawei (China) accounted for 294
applications.
Thereby, there must be ways to solve strong challenges to continue to promote effective
economic growth such as:
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 8

- Establish an R&D support fund to attract FDI to encourage an increase in patent

applications every year.
- Anti-counterfeiting digitization - Shopee/Lazada cooperation automatically scans
contract violations => reduces counterfeit goods by 40% on e-commerce to protect
the revenue of SGD 1.2 billion in the fashion industry.
- IP judicial reform and the application of AI-Powered Dispute Resolution to resolve
and establish IP Courts to reduce the time it takes to process disputes.

2. Human Capital Development

2.1 Importance in enhancing productivity and competitiveness
Human Capital Development is the total value of human knowledge, skills, experience,
and intangible assets that contribute to production and create economic value. Improving
efficiency and competitiveness is a key factor for the development of an economy. When
increased personal performance promotes overall development, healthy individuals are better
able to contribute to economic activities and adapt to technological advances. Leading to
optimal results, resources can reduce input costs but increase output, increase resistance,
adapt to the market and optimize costs. Highly qualified human capital increases the
competitiveness of businesses as well as in the market, increases investment in HCD to help
people with strong adaptability in the 5.0 market work effectively, bring a lot of value and
competitiveness. Improving the quality of services and products, attracting investment and
promoting innovation and development, bringing great resilience to the economy in the
recession, leading position in the industry and market.
2.2 Current trends and policies in Singapore
Singapore once restructured its economy in the 1970s and 1980s, moving from a
manufacturing economy to a knowledge-based economy and the goal of being a global
knowledge center. In the period of the 1990s - now, a strategy has been set out to focus on
developing highly knowledgeable human resources and attracting talents.-"High-quality
human resources, capable of creativity, research and development are considered the decisive
factors for the survival and development of the country."
Typically, developing the education system and attracting international talents, investing
heavily in leading universities such as the National University of Singapore (NUS) and
Nanyang Technological University to improve the quality of training and research. As well as
the goal of bringing universities in Singapore to the top of the world.
Propose scholarship policies that attract talented students from all over the world as well
as "open doors" policies that invite talented people to work with attractive remuneration and
high benefits. Create a good working environment not only with high salaries but also with
opportunities for promotion and good living conditions with the aim of attracting and
retaining talents to serve the country.
2.3 Challenges and recommendations
Although the bright spot is the policies and human welfare in the country, Singapore's
population is aging rapidly. This has led to a decline in the working-age population and low labor
force participation rates compared to other developed countries. The government has tried to
develop policies that expand employment opportunities for older workers and improve
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 9

workforce flexibility and productivity. Global talent competition as the US/China puts pressure
on recruitment benefits.

Recommendation to come up with a strategy for heritage knowledge transfer - retired experts
need to train 3 successors. Mutual recognition of qualifications among technology centers in
ASEAN through the "ASEAN Talent Corridor" program. Apply mental health benefits –
SGD2000/year (tax-free) for psychotherapy and leave funds.

3. Health Care Development

3.1 Contribution to workforce productivity and economic stability
Health is an important part of human resources, directly impacting the workforce,
productivity and long-term stability. Healthy human resources are able to contribute and adapt to
changes in the labor market as well. Improving public health policies to significant benefits in
terms of GDP and corporate profits.
3.2 Current status and policies in Singapore
Singapore offers universal health insurance with a strong commitment to personal
responsibility and consumer-oriented healthcare. 80% of primary care is provided through the
private sector, while 80% of all acute care services and 100% of hospital ownership are state-
owned. Expand the network of General Clinics and develop home care services through the
Mobile Inpatient Care program. Strengthen facilities and infrastructure to meet the needs of the
aging population.
Singapore is also leading the way in healthcare innovation, leveraging its strengths in
applying AI to healthcare. Implementing an integrated health system - National Electronic Health
Record (NEHR) with a policy of sharing patient data between public and private hospitals. In
2023, Singapore will continue to develop its personal healthcare system through the Healthier
SG project with the aim of focusing on preventing and supporting an ageing population in the
future.

3.3 Challenges and recommendations

Singapore's healthcare system, although advanced and modern, also accounts for most of the
money, making the government face increasing financial pressure. As the pace of spending
exceeds revenue, the rapidly aging population increases the demand for healthcare. Singapore's
health care has been widely praised but faces a severe shortage of medical staff and financial
resources.

Health Singapore Taiwan South Switzerland Source

Indicators Korea

Total Health 4,321 2,522 3,049.67 10,963.43 Macrotrends,

Expenditure (2022) 81 (2023) (2022) (2022) 83 MOHW,
52 82
Per Capita WHO
(USD)

Percentage of 5.57 6.97 9.33 11.8 (2021) WHO,

Gross Health (2021) 66 (2022) (2021) 85
MOHW,
84
Expenditure OECD
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 10

(% of GDP)

Doctors/1,000 2.8 2.3 2.6 4.48 (2022) MOH,

83
inhabitants (2023) (2023) (2021) MOHW,
52 82
World Bank,
WHO

Nurses/1,000 7.8 7.3 8.9 18.76 MOH,

inhabitants (2023) (2019) (2021) (2022) 83 ResearchGate,
57
SSPh Journal,
WHO

Hospital 2.72 7.3 12.8 4.43 (2021) MOH,

83
beds/1,000 (2024) (2023) (2021) MOHW,
52 82
inhabitants WHO,
Wikipedia

Life 83.9 80.2 84.02 83.4 (2022) WHO,

expectancy at (2021) 66 (2023) (2022) 85
MOHW,
52 82
birth (years) Health
Systems
Facts, World
Index of
Healthcare
Innovation
Comparison of Key Health Indicators (Singapore, Taiwan, South Korea, Switzerland)
In order to quickly solve the urgent problem, the Singapore government has applied the
strength of technological knowledge to health such as the development of a project to support
disease prevention. Using AI strategies to proactively solve the problem of supporting the
medical workforce deficit. From there, it can be seen that the scale of investment in health care is
proportional to GDP and time.

4. Trade
4.1 Role in economic integration and growth
Trade allows countries to specialise in advantages and efficient allocation of resources,
increase economic productivity and national interests, and reduce economic, political, and
institutional barriers. Efficiency in exchanging goods, expanding economic scale, promoting
economic productivity for innovation and efficiency for international competition. Promote the
development of the domestic market, access to external goods and technologies and larger
markets, transfer technological knowledge to increase import and export. Attracting investment
from FDI brings capitalization, technology, expertise and supply is an opportunity to encourage
investment in domestic development.
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 11

4.2 Current trade performance of Singapore

Singapore's current economy is heavily dependent on global trade, especially exports, which
account for about 70% of GDP. Transition from exporting labor-intensive goods to heavy
industry and now participating in video games and semiconductors. Currently, Singapore is one
of the important global semiconductor export centers. Major partners including China, Malaysia,
the United States, Hong Kong and Japan have created a wide network of 15 FTAs and 12
regional agreements that provide competitive advantages and easy access to different markets.
From the export trade strategy, it not only brings foreign currency but also easily transfers
technology to promote the domestic industry. In addition, the country's positioning and breaking
down barriers due to the small domestic market is also a driving force to strengthen Singapore's
economy.

Singapore is also in the process of transforming its growth model from a "seaport economy"
to a "knowledge services" model. Trade in services are high-value commodities but are less
dependent on a wide range of resources, mostly based on knowledge and infrastructure. Trade in
services in the first quarter of 2025 has balanced GDP when goods decreased, offsetting risks
from goods is also a way out of the trend of global commodity tariff protectionism.

4.3 Challenges and recommendations

One of the biggest challenges when the world is recently in the trend of trade protection
tariffs, limiting the ability to develop in import and export, affecting the logistics service industry
as well as the manufacturing industry. Moreover, export services depend on the markets of
ASEAN, the EU and the US - regions that are stressed on tariffs, economically vulnerable to the
current crises.

In addition, it is also affected by fierce competition between new service centers for
technology or outsourcing market share, greatly affecting the market share of labor and
production.

Current strategies are considering priorities such as diversifying markets to avoid

dependence. Transform the digital service industry based on the strength of the high-tech
segment such as the development of AI/Blockchain-based services and cloud computing
services.
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 12

III. Conclusion
Overall, Singapore is a well-developed country in terms of service industries as well as highly skilled
and thriving from people to proprietary technologies and products. But there are also some risks when
the population ages and depends on the trade market or the cost of medical investment is too large. But
the government has also come up with timely solutions and solutions to take advantage of it to promote
the development of a strong and sustainable national economy.
 ECO102 (UFM February 2025 Semester, Final Assessment-Project) Page 13

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V. Check Turnitin
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Project Rubrics and Assessment Criteria

Assessment Criteria Weightage Description

(%) Likert Scale (1 = Poor, 5 = Excellent
Understanding of 20 Demonstrates thorough understanding of IP,
Concepts human capital, health care, and trade and their
roles.
Application of Theories 20 Applies relevant economic theories and real-
and Examples world examples to substantiate arguments.
Analysis and Critical 20 Provides insightful analysis and evaluates
Thinking challenges with logical recommendations.
Referencing and 10 Uses appropriate in-text citations and a
Citations comprehensive reference list following
academic standards.
Organization and 10 Presents information clearly with logical flow
Presentation and adherence to formatting guidelines.
Use of Data and 20 Integrates statistical data and evidence to
Evidence support claims effectively.

***END OF PROJECT PAPER***

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