Economic Transformation in Crisis: Singapore's Strategic Pivot Post-1985
DOI:
https://doi.org/10.54097/29p7e986Keywords:
Singapore, 1985 recession, economic reform, neoliberalism, social equity.Abstract
In this work, we examine the transformative impact of the 1985 recession on Singapore's economic policies and national development. The present research foregrounds the recession as an event that accelerated a shift in focus from a state listed mixed economy toward that of a basically neoliberal approach having the objective of building economic resilience and competitiveness. Through looking at their effects on GDP growth, income distribution, and employment quality, this paper illustrates their successes while, at the same time, shows ongoing challenges in the form of income inequality. The findings underscore continual policy adaptation as a key to sustain economic growth with social equity for Singapore.
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