The Asian Tigers is a general term used to describe the economy of Singapore. The Asian Tiger countries are driven by the rapid form of industrialization and exports. In addition, the nations have retained a higher percentage rate of economic growth from the year 1960 hence joining the ranks of the wealthiest countries across the globe. Singapore and Hong Kong are the leading countries in the foreign financial hubs. At the same time, on the other sector, Taiwan and South Korea are the pioneers of electronic instruments, including computers. The Singapore government offers one of the friendly business environments, which is why it is often associated with the island’s success. Therefore, this paper will look at why Singapore is regarded as one of the Asian Tiger countries and its policies.
Singapore is regarded as an Asian Tiger country because of its high growth economy, primarily fueled by rapid industrialization, exporting activities, educated populace, and, most importantly, higher saving rates among its citizens. Nonetheless, the country has a population of 5.9 million citizens, and it had a GDP of $341 billion at the end of December 2020 (Abdulrasheed & Aminu, 2021). It is also considered the least corrupt country globally as it has a more transparent regulatory environment that plays a vital role in providing valuable commercial security to the existing private sectors.
Nevertheless, the primary significant reason for the economic growth of Singapore was the exporting policies. It implemented a neo-liberal trading regime that promoted free trade, which was responsible for increased growth rate to 7.5% per year in three decades, hence contributing to gaining the developed countries’ status (Abdulrasheed & Aminu, 2021). Singapore also promoted the export sector through export-driven policy, public investment policies, and labor market competition policies.
In conclusion, Singapore is considered as an Asian Tiger country because of its high growth economy. It has steadily retained a higher economic growth and development rate since the late 1960s. The growth and economic expansion were driven or fueled by rapid industrialization and exports. In addition, the country grew and developed because of the various exporting policies that it developed and the introduction of Free trade.
Reference
Abdulrasheed, A., & Aminu, B. I. (2021). An appraisal of developmental crises in Africa: Lessons from the Asian tigers. Zangara Journal of Politics and Development, 1(1). Web.