Analysis of Singapore's Economic Development

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1 INTRODUCTION
This paper will first describe how two nations sharing similar history went on their different paths in developing their economies. Then, this paper would describe three components that helps maneuver Singapore towards outstanding economic development based on 3 principles 1) leadership 2) strategy and 3) implementation. Thirdly, negative implications that may have been brought about by the development policies will be discussed in Section 4. Lastly, the conclusion would be underlined.
2 TEARY SEPARATION: SINGAPORE & MALAYSIA FATEFUL TWIST IN ECONOMIC DEVELOPMENT
Economic advantages have been the blessing for Singapore and Malaysia historically. At the time of separation, Malaysia’s abundant natural resources have ranked herself among the world’s leading producers of three valuable commodities, rubber, tin, and palm oil, and also a significant iron ore producer (Economic Planning Unit, 2014). These export industries gave Malaysia comparative advantage to invest in industrial development and infrastructure projects. Malaysia has embarked on the First and Second Malayan Plans (1956–1960 and 1961–1965 respectively) through state investment in industry and infrastructure; aimed to reduce Malaysia’s dependence on commodity exports and provide alternative sources of employment especially for rural Malay. Singapore on the other hand, faced issues of sovereignty, housing, education, lack of natural resources, land scarcity as well as pressing problem of unemployment which ranged between 10–12%. These deadly combination would be the potential trigger to civil unrest and bleak economic future of Singapore.
In light of these comparable circumstances of Malaysia and Singapore at the time of separation, one question that could b...

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