If a deeper and a thorough look is given, Singapore’s economic development was based on 3 categories. Firstly, the government’s immense role in strategic planning of the state. Secondly, was the best mobilization and utilization of human capital and thirdly, continuous development of infrastructure.
When Singapore got independence from Malaysia, the human capital was utilized in best possible manner by the government planning and in this move, both skilled and semi skilled people put in maximum efforts to attract foreign investors to Singapore.
Those investors later on made investments in the island due to which the imports and exports both began to boast in the island. In 1980s, Singapore could not maintain the low wages of its workforce which resulted in establishment of modern infrastructure, which attracted highly skilled people towards the region making it a financial hub.
Although it is not to be ignored that most of the development which gave boast to the economy of Singapore was mainly due to the manufacturing segment in the country which not only helped the new nation to reduce its unemployment but also resulted in contribution in GDP and accumulation of foreign reserves. Further improvements in economy flew in when the Singapore government took an initiative of forming national computer board due to which the nation was able to develop strong ties with the advanced nations who were already prospered in the field of computer science.
By late 1980s, Singapore had started the plan of implementing information technology in most of its projects which not only enhanced the situation and changed the perception of Singapore in eyes of the world but also attracted lots of foreign direct investment into the country.
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