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[B] CNBC News: Why Is Singapore So Rich?

LET'S UNLOCK WORDS AND PHRASES 🔐

colony

[ 'kol-uh-nee ]

noun

- a country or area controlled politically by a more powerful country that is often far away

The British established a colony in Singapore in the 19th century.

GDP

noun

- Gross Domestic Product: the total value of goods and services produced by a country in a year

Singapore's GDP has been steadily growing over the past decade.

prominent

[ 'prom-uh-nuhnt ]

adjective

- very well known and important

She holds a prominent position in the company as the CEO.

downturn

[ 'doun-turn ]

noun

- a reduction in the amount or success of something, such as a country's economic activity

During the economic downturn, many people lost their jobs.

settlement

[ set-l-muhnt ]

noun

- a place where people come to live or the process of settling in such a place

The government provided temporary shelters for the refugees in the settlement.

LET'S TAKE A LOOK! [ FULL CLIP ]

What is the video all about? Choose two statements that refer to the main ideas of the video.


1. Singapore's wealth stems from its vast natural resources, surpassing countries like Germany, France, and Japan.

2. The economic success of Singapore is primarily due to distancing itself from its colonial past.

3. Government initiatives, including affordable public housing and incentives for foreign investment have been instrumental in Singapore's prosperity.

4. Singapore's strategic location along a vital route has contributed to its economic success.

LET'S TRY IT! - FIRST CUT

A. Script Completion

Direction: Watch the first cut of the video and complete the following lines below with the missing words. Write or type down your answers while listening.

⏱ 00:00 - 00:55

  1. "Despite its size and lack of , Singapore's 5.6 million people enjoy one of the highest incomes in the world. "

  2. "Singapore doesn't have resources like or but it does have something countries can't buy, location. "

  3. "The island sits in the middle of an important connecting Asia to Europe. "

  4. "That's a key reason why the British decided, back in 1819, to in Singapore. "

  5. "There are several countries nearby that could have made us of their , but they weren't quite as successful. "

LET'S PRACTICE - SECOND CUT

A. Script Completion

Direction: Watch the second cut of the video and complete the following lines below with the missing phrases.

⏱ 01:05 - 03:27

Unlike some of its neighbors, which wanted to separate themselves from their colonial histories, Singapore kept with Britain even after independence in 1965. That decision announced to the rest of the world that Singapore was open for business. That's important because we know that exports help to an economy. But back then, it wasn't . Singapore, Hong Kong, Taiwan, South Korea became known as the four Asian Tigers, which have grown rapidly since the 1960s. Their rise was fueled by exports, industrialization and more crucially, big doses of . This was especially true for Singapore. Labor strikes were common on the island in the 1960's, even with high unemployment. On top of that, there was a housing crisis, with Singapore being home to one of the largest in the world. So how do you build a more disciplined to attract investment? Well, you give them something to work for, like a house of their own, which is why one of the first Singapore government agencies set up was focused on building affordable . While just nine percent of the population lived in public housing in the 1960s, that figure stands at more than 80 percent today, add in greater employer rights and strikes became extremely rare. At the same time, the government attracted foreign investment through , growing the economy and easing unemployment, which fell from an estimated 14 percent in 1959 to 4.5 percent in the 1970s. By the 1980s, Singapore was a regional manufacturing hub, and it was the world's biggest producer of hard disk drives. But today, manufacturing makes up only about 20 percent of Singapore's GDP. Take a look at Singapore's growth in GDP. You can see two , one beginning in the late 80s and another at the start of the new millenium. Ironically, Singapore has a downturn to thank for that. You see, in 1985, Singapore went into its first post-independence recession, prompting the government to introduce new measures. companies like telecommunications were privatized to make them more competitive.

LET'S DO THE CHALLENGE - FULL CLIP

Direction: Answer the following questions by giving your opinion.


  1. How has Singapore's strategic location contributed to its economic success?

  2. What were some of the challenges Singapore faced in the 1960's, and how did the government address them?

  3. What measures did the Singaporean government take in response to the post-independence recession in 1985?

  4. What are some factors contributing to Singapore's high cost living despite its high GDP per capital?

  5. Despite its economic success, what are two reasons why many Singaporeans may not feel rich?

LET'S RECAP!

Active-Listening Let-s-Recap-2

1. Which new words/phrases were easiest to remember? Give three.

どの語句/文が覚えやすかったですか?3つ挙げてください。


2. Which words/phrases were you having a hard time to speak/understand? Give three.

どの語句/文が話したり理解するのに難しかったですか?3つ挙げてください。

colony

[ 'kol-uh-nee ]

noun

- a country or area controlled politically by a more powerful country that is often far away

The British established a colony in Singapore in the 19th century.

GDP

noun

- Gross Domestic Product: the total value of goods and services produced by a country in a year

Singapore's GDP has been steadily growing over the past decade.

prominent

[ 'prom-uh-nuhnt ]

adjective

- very well known and important

She holds a prominent position in the company as the CEO.

downturn

[ 'doun-turn ]

noun

- a reduction in the amount or success of something, such as a country's economic activity

During the economic downturn, many people lost their jobs.

settlement

[ set-l-muhnt ]

noun

- a place where people come to live or the process of settling in such a place

The government provided temporary shelters for the refugees in the settlement.