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Singapore’s five decades of development: lessons and future directions

Author

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  • Chia Siow Yue

    (Singapore Institute of International Affairs)

Abstract

This paper looks at Singapore’s transition from a Third World economy at the time of political independence in August 1965 to a First World economy five decades later. It is a unique city-state with a dearth of land and natural resources and pursuing a government-led, mnc (multinational corporation)- led, and export-led development strategy. Government and governance have been outstanding, and the city-state overcame its constraints by adopting open trade and investment policies, making the region and the world its economic hinterland. Five decades later, while facing the same demographic and land constraints, it has to overcome the challenges of transitioning into a private-enterprise-driven and innovation-driven economy. Classification-JEL: F1, F2, H1, J1, O1, O2

Suggested Citation

  • Chia Siow Yue, 2015. "Singapore’s five decades of development: lessons and future directions," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 52(2), pages 38-64, December.
    • Handle: RePEc:phs:prejrn:v:52:y:2015:i:2:p:38-64
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    File URL: https://pre.econ.upd.edu.ph/index.php/pre/article/view/923/824
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    More about this item

    Keywords

    Singapore development model; economic policy; social policy; city-state economy;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • H1 - Public Economics - - Structure and Scope of Government
    • J1 - Labor and Demographic Economics - - Demographic Economics
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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