Period | Intervention |
1960s &70s | ・ Government policies: o to promote growth by attracting foreign direct investment; attract global multinational corporations as vehicles to achieve industrial growth o create jobs and expand productive capacity o shift away from import-substitution in favour of export-led industrialisation ・ The government developed industrial land, put in place infrastructure facilities, reformed labour laws to promote industrial peace, and invested in basic education with emphasis on technical skills relevant to industrialisation. ・ Sound fiscal and monetary policies ensured macroeconomic stability and underpinned investor confidence |
1980s | ・ Industrial restructuring by focusing on high-tech manufacturing and high value-added services o emergence of strong clusters in higher value-added electronics, petrochemicals, component and precision engineering (Singapore became the world’s leading producer of hard disk drives―an early form of memory storage used in computers at the time) ・ Computerisation of the civil service―helped to kick-start the info-communication services industry |
1990s | ・ Structural reforms to: o enhance wage flexibility in the labour market; o tap more decisively into regional markets for trade and outward investment; o step up the pace of industrial upgrading; o promote innovation, enterprise, and entrepreneurship in the economy; and o liberalisation of various services sectors such as finance, telecommunications, and utilities. |
2000s | ・ Liberalisation of the insurance and securities industries ・ Opening up the domestic banking industry to foreign competition ・ Opening up the entertainment industry |