Explain How Governments Should Play Active Roles In Managing Short-Run Instability In The Economy

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al Written Assignment) “Governments should play active roles in managing short-run instability in the economy caused by unemployment and inflation problems.” Do you agree with the above statement? Please explain your view. Governments should play active roles in managing short-run instability in the economy caused by unemployment and inflation problems. Unemployment Unemployment is the state where people are unemployed. This happens when there are new or re-entrant in the workforce or people who are already in the workforce lose or leave their jobs to look for another job. As there are always people with no jobs who are searching for one, it is not abnormal to have some unemployment in a country. The main reason is that the economy is always changing and when this happens, it goes through frictions, changes in structure and also cycles. Singapore has maintained low annual unemployment rate, between 1.9% - 3.0% over the past 10 years as below Source: Manpower Research & Statistics Department, MOM There are mainly three types of unemployment in Singapore: Cyclical unemployment, structural unemployment and frictional unemployment.…show more content…
As technology is constantly changing, it will also change the scope of the jobs. Thus, CET aims to help workers to learn new skills and upgrade their skill to enable them to sustain their jobs. At the same time, it will also strengthen and improve the quality of Singapore’s workforce. It offers a wide array of programme for individuals. This will alleviate the unemployment as individuals, regardless of age group, are able to sustain their jobs and find another job if they wish
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