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Limitations and Challenges of Singapore’s economic growth model
EC2102 - Macroeconomics Analysis I
5 Pages • Essays / Projects • Year Uploaded: 2022
Singapore’s model of economic growth over the decades has been premised on a stepladder strategy of export-oriented, low cost, labour-intensive manufactured products, with the longer term aim of moving up the value chain as the country developed. This largely mirrored the strategies of the Asian Tiger economies of the 1960s to 70s, and was exquisite in its simplicity - every country could, at different stages of its development, first serve as a cost-competitive manufacturing location before traversing into a higher-value innovation hub. In Singapore’s case, her economic strategy is also sited within the dictum of geography as destiny, the lack of a hinterland and natural resources, and consequently the focus on human capital towards the vision of a skilled workforce - both for the nation’s industrialisation efforts and to provide for mass employment in its formative years.
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