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Economic Change in Singapore, 1945-1977 Cheng Siok Hwa Department of History, Nanyang University, Singapore. The economy between the immediate postwar period and the mid-1970s developed and grew in so many directions and at such rapid rates that from an underdeveloped country heavily dependent on entrepot trade Singapore joined the ranks of the newly industrialized countries and built up an economy based not only on trade but also on manufacturing, transport and communications, banking and finance, and tourism. Indeed, it has become increasingly a matter of argument and contention as to whether Singapore should continue to enjoy the status and assis- tance that a less developed country (LDC) is accorded in matters of international trade and finance. It was only after months of discussion that the International Monetary Fund decided, in June 1978, to continue to regard Singapore as an LDC. This paper is an attempt to show how the recent economic situation was brought about and to trace the major changes in the economy, the growth of the gross . domestic product, and the performance of the major economic sectors, in parti- cular, the remarkable development of the manufacturing sector. The Immediate Postwar Economy From the point of
Asian Journal of Social Science – Brill
Published: Jan 1, 1979
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