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Singapore: Past Perfect, Future Tense?
Excerpts
The Rise of Singapore
Singapore's initial years were characterized by scarcity and uncertainty. The GoS was faced with acute shortages in housing, schools, etc., and high levels of unemployment. The GoS saw industrialization as the answer to its ills. As early as 1961, the government set up the Economic Development Board (EDB) to formulate and implement an industrialization scheme. |
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From Low Cost to High Value
In the mid-1980s, because of rising costs and labor shortages, Singapore was beginning to lose its competitive advantage as a low-cost manufacturing base. Therefore, the GoS implemented measures to shift the economy from labor-intensive sectors toward high-technology sectors...........
Focus Areas in the 1980s
In the 1980s, the Singaporean economy was dependent on five major areas of activity - the regional entrepôt trade (though diminishing in significance, it was still a major source of revenue), export-oriented manufacturing, petroleum refining and shipping, production of goods and services for the domestic economy, and services including banking and finance, telecommunications, and tourism...........
The 1985 Slowdown
Singapore experienced its first major recession in 1985. The economy recorded negative growth (1.5 percent) for that year. The next year too was a year of low growth (1.5%). The main cause for the recession was attributed to the international slump in the petroleum, shipbuilding, and electronics industries...........
The Early to Mid 1990s
In the early 1990s, the GoS continued to focus on making Singapore a center for cutting edge technology. During this period, the government also placed emphasis on infrastructure creation. Consequently, construction became the fastest-growing sector of the economy, with public sector contracts making up almost half of the construction contracts awarded.......
