Reasons or factors that have positively/negatively affected economic development of Singapore
There are always plenty of reasons due to which a country can head towards the road to success and same is the case with Singapore that there have variety of reasons which have led towards Singapore prospering within few decades unlike countries like Pakistan that have been developed for 60 years or more and yet have found no way to prosper which leaves them in the list of 3rd world countries. Singapore indeed has found right people who governed the nation and guided it towards prosperity and success.
Planning has been one the prime reasons that affected positively towards the development of Singapore. Throughout the decades since the nation got separated from Malaysia, the planning has been tremendous. The plan of housing for the local population worked out well which later provided opportunities of best living standards for the residents.
The plan of setting up educational institutes worked out even well for Singaporeans as they were able to educate and develop skills in the people so that they can work effectively in manufacturing companies.
Establishment of certain top class universities not only increased the literacy rate of Singaporeans but also equipped them with the talent of working in top multinational companies that later on entered Singapore to operate in Asia Pacific markets. With skills and talents, certain individuals were able to come up with their own business ideas that too helped Singapore’s economy in some way.
Development of manufacturing plants and excessive planning of best infrastructure was other reason why economic prosperity prevailed in Singapore.
Multinational companies were always concerned about the prospects of making investments in some other countries yet investing in countries like Singapore remained a risk for many big enterprises. In order to waive off such concepts from world leading enterprises, Singapore’s government started to work on ways that can bring in foreign direct investment into the state hence they realized that the sources essentially required by such enterprises must be available so that they don’t feel insecure in making such investments.
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