PATTERNS OF ECONOMIC GROWTH IN SINGAPORE : 1965-1984

Abstract

The focus of the present study is on the sectoral and structural changes that accompanied the growth of the Singapore economy for the past two decades (1965-1984). As economic growth takes place, countries tend to follow a common pattern of growth. Unlike many other countries which have a significant share of agricultural sector, Singapore is highly dependent on its services sector for growth. Being a small and open economy, its growth is highly determined by the patterns of international trade. This exercise highlights the three aspects of Singapore's economic growth. Firstly, it will look at the aggregative aspects of growth with special reference to the trends of growth and the role played by the resources in the economy. Secondly, it will discuss the structural aspects of growth with respect to the contributions of the major sectors. Thirdly, it will look into the international aspects of growth.