The Government´s Role in the Success of Singapore Essay

Yes, I agree that a huge part of Singapore’s economic success has been built on the government’s ability to ensure macroeconomic stability as well as build long-term growth. To ensure macroeconomic stability, fiscal policy, which is the usage of government expenditures and taxes, and monetary policy, which is the changing of interest rates and quantity of money in the economy, and supply-side policies, that look into the strengthening the production capabilities of companies, have to be implemented by the government. To build long-term economic growth, there has to be an increase in real GDP growth which is seen in an increase in 2 sources: aggregate hours and labour productivity. Aggregate hours are the total number of hours worked by†¦show more content†¦This is due to the fact that Singapore was the major port for regional trade, a service centre for British companies, and a major centre for the British Empire and military in Southeast Asia. An extensive infrastructure system was developed, ranging from ship yards and warehouses, to service facilities, like hospitals, schools and universities. By the time Singapore was declared of independence, a sizeable group of capable professionals, educated by the British system, was ready to take over the reins of governance (Anwar, S., Catley, B. Zheng, M. 2004). The strategically located booming port, initial infrastructure and competent independent government were legacies of the British rule which brought Singapore the head start in economic growth. The first election manifesto of the Singapore government was to overtake the then-prosperous Burma and to achieve that, Singapore needed to merge with the Federation of Malaya. A substantial domestic market was believed to be a requirement for economic development, as industrialisation in a small domestic market like Singapore would be fruitless. 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