When it comes to any sort of business or economy on a large scale, there are always many factors that can dictate growth. These factors are only furthered when you are dealing with any sort of remote or island factor.
The challenges that result from these area restrictions can create some pretty amazing innovations and ideas. Singapore is about to enter into a new phase next year when they will stop adding new cars.
The government will cut the annual growth rate for cars and motorcycles to zero from 0.25 percent starting next February, the transport regulator said this Monday. Already the most expensive place to own a vehicle, this doesn’t come as a huge surprise.
This will help to alleviate the growing concerns over the infrastructure which is already at a high commodity. Singapore, which is smaller than New York, already has devoted 12% of the land space to roads.
To improve the infrastructure, $21 billion dollar will be invested on rail and bus transportation over the next five years. This will not only do wonders to reduce their carbon footprint, but also to reduce congestion and drive business.