Sample Essay

By seizing opportunities arising from the influx of MNCs, the government mounted major economic programs to deepen the industrialization process. It implemented industrial policies to increase capital-driven investments since these investments provided the added potential for capability development, technology acquisition and renewal of international business practices for Singapore’s industries. Notwithstanding the advantageous costs of production and factors of efficiency that constituted the overall pull factor to Singapore, the government’s primary economic objective was to root MNCs in the country to advance the industrialization process in tandem with its long-term economic progress. It hence adopted a selectively interventionist approach of industrial policy-making, with MNCs playing a key role, to develop a competitive export-oriented climate.

In 1985, however, Singapore’s economy declined for the first time in 20 years. One of the reasons for the decline was high wages, which made Singaporean products less competitive on the world market. Other reasons for the economic downturn included a slumping demand for oil and electronic products and the economic woes of Malaysia, Indonesia, and other important trading partners.

1980s witnessed the growth of this city state economy into a favorite destination of multinational companies through the provision of sustainable manufacturing base, financial facilities and communication network. Banking and financial sector reforms helped the economy to attain significant boom in international banking operations which contributed 25% of the GDP in 80s. Among the top financial destinations in Asia, it ranked 3rd behind Hong Kong and Tokyo.

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