1.

What characterized the economic strategy in Singapore in the period between gaining national
independence (1965) and the end of the 1970s?
- GDP growth accelerated to 12.9%
- very low inflation
- maintaining the convertibility of the Singapore dollar
- becoming the fourth busies port in the world

2. What led to a change in Singapore's economic strategy in the early 1980s?

- a deep recession accompanied by a sharp rise in unemployment, weak external demand, low profits,
and much reduced investment in manufacturing

3. What is "Next Lap"?

- the Goh”s government issued a long-range plan called ”Next Lap”
- long-term economic and social goals
- improving infrastructure, expanding educational opportunities, creating an advisory body of
Singaporeans living abroad, building research institutes

4. Why has “Next Lap” changed?

- because the Economic Review Committee concluded that the plan of the successful growth model in
the past 20yrs was not enough for the future development

5. Assess the impact of the applied economic strategy in Singapore. What recommendations would you
make?

Since they established a plan on short-term and also long-term, and put it in practice, taking into
consideration all the economic and social aspects, they are a real model for the other countries.