What is more important to any one pursuing an MBA education than the business environment. One can't make money if there's nothing to make it from, business environment therefore is extremely important to consider while choosing a location for higher education especially an MBA. Additionally, living conditions that each location provides are responsible for the lifestyle and work life balance in a state. Discussed below are certain facts surrounding the business environment affecting the life of doing an MBA in Canada and the variables that effect the life of an MBA in Singapore. However for an individual to finally decide it will take much more than this. A detailed profile evaluation does assist in the matter any day.
In terms of S&P Global Economic Outlook 2023 the Singapore Economic Outlook has the following trends:
Positive Trends:
Biomedical Manufacturing Sector: The pharmaceutical sector, particularly biomedical manufacturing, is witnessing growth with new facilities by multinational companies such as Sanofi Pasteur and BioNTech. This includes the construction of a vaccine manufacturing facility and an mRNA vaccine plant, indicating a positive trajectory in the healthcare industry.
It will continue to be a key hub in APAC for shipping, aerospace engineering, aviation, logistics, and regional headquarters.
Electronics Industry: Despite short-term challenges, the medium-term prospects for Singapore's electronics industry are favorable. The demand for electronics is driven by technological developments, including the rollout of 5G and Industry 4.0, making Singapore an attractive hub for supply chain diversification.
Canadian Economic Outlook: 2023-2024:
According to S&P Global Economic Outlook for Q4 2023 report, Canada's economic recovery in 2022 gives way to challenges, with a mild contraction in Q2 2023 signaling prolonged sluggish growth. The Bank of Canada's (BoC) ongoing monetary tightening, driven by persistent inflation, shapes the economic landscape.
Key Points:
GDP Growth: 2023 growth forecast revised down to 1.2% due to Q2 contraction. 2024 GDP growth remains weak at 1.2% amid BoC's tightening.
Monetary Policy: BoC maintains a hawkish stance, one more hike expected in Q4 2023. First rate cut anticipated in Q2 2024.
Inflation and Policy Impact: Headline inflation at 4.0% in August, BoC keeps the overnight rate at 5.0%. Continued commitment to control inflation, additional rate hikes expected.
Housing Market: Residential investment lags due to rising mortgage rates and poor affordability. Government removes GST on new rental apartment construction to spur housing.
Real Estate Trends: Q3 housing slowdown from higher interest rates, with fluctuating home prices. Home resales drop, but supply conditions slightly improve.
Manufacturing and Trade: Manufacturing PMI at 48.0 in August, reflecting deteriorating conditions. Global trade moderation signals sluggish demand, particularly from the U.S. and Europe.
High-Frequency Data and Growth Outlook: July data suggests a weak Q3 rebound after Q2 decline. Challenges in manufacturing and trade underscore global demand impact.
Canada grapples with a nuanced economic scenario, navigating natural disasters, monetary policy shifts, and global demand fluctuations. Government initiatives and evolving housing market dynamics add layers to the intricate economic narrative in the upcoming quarters.
The comparison above can be categorised on the below mentioned criteria:
1. Business Environment: CANADA: An MBA from Canada would expose you to a business environment where the government has a liberal trade regime with no foreign exchange restrictions. Canada mandates the import licenses for only a limited number of goods. There are however certain commodities for which the import is highly controlled, these are food products, drugs and medical devices, hazardous products, some offensive weapons and firearms, endangered species and motor vehicles. To make the local businesses more competitive Canada has acquired the status of being the first G-20 economy to largely reduce tariffs on manufacturing inputs like textiles items, chemicals, machinery and equipment. SINGAPORE: Singapore has a highly industrialised economy with the manufacturing sector playing a major role. Then come the retail sector, business services, transport and communication and financial services. Singapore does not have any mineral resources. Singapore is a major regional trading hub with the Port of Singapore being one of the world's biggest and second in the World for container transshipment. This does not have a direct bearing on your life after an MBA from Singapore but indirectly it will govern the values at work that you intend to do post MBA.
Top Ranked MBA programs in Canada:
Top Ranked MBA programs in Singapore:
2. Location Specifics: CANADA: Canada is sparsely populated given the large size it has. It's population of just over 35 million people is just lesser than California! Southern Ontario, Montréal region, Vancouver city and southern Vancouver Island, and the Calgary-Edmonton corridor being the main areas where people stay in Canada are highly developed in terms of facilities. The harsh climate in Canada accounts for its less population. SINGAPORE: Singapore offers innumerable career and networking opportunities once you complete your MBA from Singapore. It is a global business hub with an extremely open business policy, highly advanced infrastructure and stable politically. Singapore is by far ranked as the easiest country to do business and boasts of many multi national giants being present there. 3. Industry Proliferation: CANADA: Canadian economy is largely driven by the service sector. The primary sector has been given a lot of importance which differentiates it from the usual developed countries. The manufacturing industry basically aircraft, automobiles, and software development are also an important component of Canadian economy. Being abundant in natural resources makes Canada reputed as an energy powerhouse. This gives a fair view of the industries you can aim for after an MBA from Canada. SINGAPORE: Manufacturing sector plays an important part in Singapore's GDP. Key industry clusters in Singapore’s manufacturing include electronics, chemicals, biomedical sciences, logistics and transport engineering. Financial services industry is the next major contributor to the industry in Singapore. Singapore has a favourable business environment and political stability. Financial services in Singapore facilitates a flourishing business between global, regional and domestic markets. If you wish to enter any of the above sectors there is hardly a better option than an MBA from Singapore. Other emerging industries that are making significant contributions to Singapore’s economy include medical technology, aerospace engineering, clean energy, healthcare, and content development. 4. Status of Economy: CANADA There is a sense of uncertainty possibly due to the tariffs on steel and aluminium, despite the new deal with the U.S. and Mexico. It is expected that British Columbia and central Canada will drive Canada’s growth next year and further if oil prices improve, Alberta and Saskatchewan will also witness a better economic growth. It is estimated that economic expansion shall remain a trend with investment and exports increasing.
SINGAPORE: Singapore has been ranked as the second most open economy in the World, inspite of its owning a domestic market and a lack of natural resources. Faring well in the financial crises of 1997 and 2008, the economy in Singapore is stable with zero foreign debt and a positive surplus.
5. Education Focus: CANADA Canadian Universities focus a lot on research and hands on learning with experiments and projects. There have been various significant new theories, innovations and distinguished discoveries accredited to Canadian Universities. So if one is looking for a practical learning experience with lots of projects and live engagement from their MBA education, an MBA from Canada is the right choice. SINGAPORE Singapore focuses on technology and innovation along with specialised skills in data and innovation in its higher education regime. The curriculum is highly responsive to employer needs and proactively blends business acumen, and advanced management skills. If you wish to build specific skills in finance, technology management or business development then an MBA from Singapore should be your target. Singapore is also famous for Transfer Programs wherein students get a chance to take a transfer from a Singapore institution to institutions in Australia, US or UK. To discuss your MBA plans and get a profile evaluation connect with our MBA admission consultant at GOALisB .