Singapore: Past Perfect, Future Tense? |
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ExcerptsThe Rise of Singapore
From Low Cost to High ValueIn 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...
The 1985 SlowdownSingapore 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 1990sIn 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...
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