Strategic Management in Economic Development: The Singapore Experience

• Main Authors: Goh, Mark, Chong, Li Choy, YEOH, Caroline
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1993
• Subjects: Business
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/2552
• Institution: Singapore Management University

Singapore's economic development in the last 3 decades has been extremely impressive, evolving from a basically entrepot economy into a bustling commercial and financial center with a fairly advanced base. Since the late 1970s, it has started phasing out labor-intensive industries making way for high-tech and high value-added, capital intensive industries. The 1985 recession in Singapore prompted the government to re-examine the fundamentals which underpinned the viability of the economy. As a result, a new working relationship has emerged between the government and the private sector, which together with the labor unions, pulled Singapore successfully out of the recession within the short space of a year. As part of the reconfiguration process, new strategies and initiatives for the 1990s have since been introduced through the formation of new, international, and strategic alliances with multinationals and other national governments. The new policies and strategic thrusts of the Singapore government put in place to gear up the city-state for an enhanced role in the global economy are presented. The strategic management efforts employed in becoming a high-tech society and a total business center with a developed economy are also detailed. A brief historical backdrop serves to introduce these investments.