The rapid rise of economies in Asia over the past few decades has been phenomenal. According to

1200 WordsApr 23, 20195 Pages
The rapid rise of economies in Asia over the past few decades has been phenomenal. According to (Steven, Jeffrey and Jong-Wha, 1997), Asian countries such as Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand and Indonesia grew at an average of over 5.5% per year in per capita terms between 1965 and 1990. The mentioned 08 Asian countries are also known as the eight high-performing Asian economies (HPAEs). With exception to some post-war European countries, such growth rates at this magnitude and duration are unprecedented in human history. During the mentioned timeline, 23 economies in East Asia grew faster than those of all other regions (Page, 1994). According to (David, 2014), over the past decade, Asia accounted for…show more content…
Overview of Singapore The republic of Singapore is a small island that gained independence from the British in 1959 when the British granted the island autonomy on internal affairs. The future looked bleak for Singapore as it faced many global and internal economic challenges. In 1963, Singapore joined with Malaya, Sarawak, Brunei and North Borneo to form the Federation of Malaysia. Singapore felt that by joining Malaysia it would benefit the economy by creating more jobs, creating a free market in the process lowering trade taxes and supporting new industrial and manufacturing industries. In 1965, due to racial riots and disagreements between Singapore and the Malaysian Federation government, Singapore withdrew from the Federation of Malaysia to become an independent, sovereign and democratic republic. Some of the challenges that it faced was; A small island with no natural resources, high unemployment rates, more ports near Singapore were developed and Singapore faced stiff completion from them, there were insufficient government schools to take in all children of school-going age, poor housing conditions as there were many overcrowded and unhygienic squatters, the population had a low proficiency in English, etc. The government focused on economic growth to ensure the survival of the country. 3. 3-pronged strategy adopted by the Government According to (The Civil Service College, 2009), a 3-pronged strategy was adopted by the government to ensure
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