Singapore Economic Growth

Question

Hi

Between 1960 and 1995, real per capita GDP in Singapore grew at an average annual rate of 6.2 percent. Singapore's growth depended more on increases in capital per our worked, increases in the labor force participation rate, and the transfer of workers from agricultural to nonagricultural jobs than on technological change. Predict what was likely to happen to Singapore's growth rate in the years after 1995 and why.

can someone please explain to me what happened?

I was thinking that it would continue to increase as technological change would become a factor as the economy changed.

Answer 1

After 1995, Spore focus on financial sector, 2000 on tourism.  

Answer 2

Most of the credit for the economic growth of Singapore can be directly attributed to the Michael Porters 5 forces model. The Singapore Government to its credit adopted a strategy that fostered growth and captured a large percentage of market share.