Economy of Singapore

1077 WordsJul 14, 20185 Pages
Introduction In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993). Out of the eight country, Singapore, Hong Kong, Taiwan and South Korea were known as “Asia’s Four Little Dragon” along with Japan has modern it industry in rapid growth after World War II, (Ezra F, 1991). To understand the success behind Asia’s Four Little Dragon, the government economic policies and…show more content…
The government economic strategy change from labour market to capital and skilled worker industry. The new education system introduce in 1979, after the completion of secondary education due to individual students’ academic result it can lead to 3 pathway. Institution Technical Education (ITE), Polytechnic (Occupational) and Junior College. (Ministry of Education, 2013) This system was created to minimize dropout and produce technical skill labour to reach it new economic goals. Singapore next economic phase needed more technical workers, foreign investor was looking for technological base such as computer parts, silicon, etc. the government heavily invested in ITE that was built to produce technical skill labour to meet the market demand. Outcome With foreign manufacturing industry entering Singapore market the manufacturing sector and its share in GDP grew from 16.6% in 1965 to nearly 30 % in 1980 and in 1993 manufacturing contributed to about 28 % of the total GDP and accounted for nearly 28% of employment. Singapore’s GDP raise to 13 times between 1960 and 1999. The nation has shown greatly decrease of figure of poverty. (United Nations 2000) The Jurong Industrial has help Singapore to industrialize the economy. With increasingly of foreign corporation entry has made Singapore more advance with it technology. Today Jurong Island has over 95 global companies. It has a fixed
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