The Role of State in Economic Development and Industrialization in Singapore with Export-Led Growth Model

Abstract

As a country that was succeed in building its economy, the World Bank gave the label to Singapore as 'The Asian Miracle'. Singapore reached remarkable achievements in economic growth, which can not be achieved by other developing countries. As an entreport countries, Singapore has an economic growth rate three times higher than the average growth in industrialized countries. The rapid economic growth by four tigers of Asia, by Hong Kong, Taiwan, South Korea, and also including Singapore, adopting the model of the Export-Led Growth. Some industries and local companies in Singapore are still in the early stages so that Singapore is dependable on foreign investment. Export-Led Growth Model is still a hypothesis, although its implementation successful in some cases, such as Singapore.

Keywords: Singapore, Export-Led Growth Model, Industrialization, Economy, Developed Country