Economics of Singapore

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The main reason for Singapore fast economic development was its high standard of living and its population growth. Singapore policy affected two determinants of economic development. They are welfare of the society and structural change in the economy. The government had a huge hand in bringing about these changes. He came with strategic plan to develop Singapore. His strong leadership had a huge impact on the growth of Singapore. The rising leader that lead Singapore also known as “Mer-Lion City” bring these small country to rapid economic growth from a very low developing country position. At the very beginning, Singapore did not have any natural resources to accumulate growth. When it first got its independence in August 1965, the British were reluctant to give them away as they were still a developing country. However, Singapore has grown to one of the fastest developing countries and its growth has been so rapid that it has joined the OECD countries. What were the reasons for such a huge economic growth in Singapore? Why unlike other East Asian Countries, it was recording such a huge growth? Was Singapore growth mainly due to several factors as its geographical location, strong institution, health and education of the society and the government’s leadership? Even with these several factors of economic development under consideration, it is a very unpredictable for the country which had no form of natural resources to become one of the most developed and industrialized country in the world. I would say the growth was very unpredictable. How was it possible? It was mainly possible with all the factors that I have mentioned in the following sentences. Singapore’s growth was because of its geographical location. Due to the fact that it lies within the equator, it weather was very tropical. However, because of the country great location, it was recognized as a port of commerce. Every country that were trading had to stop in Singapore before they could finalized...
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