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Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach

Author

Listed:
  • Júlia Gallego Ziero Uhr

    (Economics, Universidade Federal de Pelotas, Pelotas, Brasil)

  • Felipe Weizenmann

    (Organization and Markets Graduate Program - PPGOM, Universidade Federal de Pelotas, Pelotas, Brasil)

  • Daniel de Abreu Pereira Uhr

    (Economics, Universidade Federal de Pelotas, Pelotas, Brasil)

  • Mariana Fialho Ferreira

    (Economics, Universidade Federal do Espírito Santo, Vitória, Brasil)

  • Igor Serpa Moraes

    (Organization and Markets Graduate Program - PPGOM, Universidade Federal de Pelotas, Pelotas, Brasil)

Abstract

We assess the impact of the Strategic Economic Plan on Singapore’s long-term GDP per capita. To our knowledge, we are the first to evaluate the effect of the 1991 plan on Singapore’s successful growth trajectory using methodologies aimed at causal identification. In other words, this article applies the Synthetic Control method and World Bank data from 1970 to 2018. We estimate an average increase of 6,641.71 US$ in Singapore’s GDP per capita. Results remain robust to placebo and leave-one-out tests and the Synthetic Difference-in-Differences method.

Suggested Citation

  • Júlia Gallego Ziero Uhr & Felipe Weizenmann & Daniel de Abreu Pereira Uhr & Mariana Fialho Ferreira & Igor Serpa Moraes, 2024. "Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach," Economic Analysis Letters, Anser Press, vol. 3(3), pages 10-18, September.
    • Handle: RePEc:bba:j00004:v:3:y:2024:i:3:p:10-18:d:329
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    References listed on IDEAS

    as
    1. Quibria, M.G., 2002. "Growth and Poverty: Lessons from the East Asian Miracle Revisited," MPRA Paper 2638, University Library of Munich, Germany.
    2. Joseph E. Stiglitz & Shahid Yusuf, 2001. "Rethinking the East Asian Miracle," World Bank Publications - Books, The World Bank Group, number 13969, December.
    3. Alberto Abadie & Javier Gardeazabal, 2003. "The Economic Costs of Conflict: A Case Study of the Basque Country," American Economic Review, American Economic Association, vol. 93(1), pages 113-132, March.
    4. Stiglitz, Joseph E, 1996. "Some Lessons from the East Asian Miracle," The World Bank Research Observer, World Bank, vol. 11(2), pages 151-177, August.
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