Singapore has ultimately risen above all odds to become one of the world’s Economic power houses. It has been used as a bench mark of economic analysis across different parts of the world. However, of great importance is to focus on the several aspects that have contributed to this splendid success in almost all spheres of the Singaporean society. After forty years of economic reconstruction, Singapore has attracted the interests of not only economic analysts but also global investors that do not hesitate to invest in the island nation.
Economic growth occurs at the predisposition of a conducive investment environment. The government definitely has a hand for the attainment of this conducive environment. This brings us to the analysis of the government structure and how its policies in one way or the other has contributed to Singapore’s spectacular economic growth. The people’s Action party has been greatly accredited of transparency, accountability and effective management not to forget sound policies that have been put in place to foster remarkable growth.
Having only been ruled by just one party since independence, an aspect of stability has been initiated in the Singaporean political system which extremely puts great focus to economic growth rather than political destructions. It has developed policies that encourage domestic trade without much interference to the several foreign investors that have played a key role in its immense growth. Leadership transition has been peaceful playing a great role in stability making it a high affinity destination for investors.
Singapore’s effective policies and able leadership was witnessed during the climax of the worst ever global recession that even shook economic giants such as the United States. The prime minister fostered bank lending of which the government also contributed without much interference to its GDP.Within no time after the introduction of this measures, Singapore bounced back to its economy fact living other economic titan states in the turmoil.
Contrary to the common perspective that the private sector has got leverage over public enterprise, Singapore has stood the test of time to prove otherwise. It goes against the popular notion and treads its own economic course which baffles both its admirers and Critiques.
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