Analysis of Singapore's Economic Development

1 Introduction In this article, I will first explain how two countries with similar history can start walking various paths of economic development. Then this article explains the three elements that help Singapore to achieve economic development based on three principles: 1) Leadership 2) Strategy and 3) Implementation. Third, the potential adverse effects of development policy are explained in the last section. Finally, the conclusion is emphasized.

In this report, we analyze the economic growth of Singapore (Singapore Republic) economically and the failure of the recession easily. Singapore is an island of South Asia, its main contribution is a world market-friendly economy that is highly regarded as being in the manufacture of electronic products. As one of the busiest harbors, it is the fourth largest foreign exchange center. Singapore has a successful free market economy, a powerful market economy and powerful service and manufacturing. It is one of the countries with the highest per capita GDP in the world. The location on Singapore's main route and the diligent population are important centers of Southeast Asia. Singapore has a sparse population, dependence on external markets and suppliers pushed it to economic free trade and free trade and free markets. Effective government policy is the main reason for strong economic performance in Singapore's history

The role of the financial system in Singapore's "economic miracle" is very big. According to the International Monetary Fund, Singapore's financial system regulation and regulation is the world's best. Regarding the degree of development of financial markets, Singapore is the second largest in the world. Singapore's highly diversified economy, prudent policy, and respect for the rule of law make Singapore the center of international finance. Strict management of compliance with "rules of game" is a solid foundation of Singapore's financial system. This stabilized the economy of the country during the 1998 crisis, proved that the financial system was formed in the world, never inferior to the systems of the first world countries.