ABSTRACT
The success of the city-state can be observed in its continuing economic recovery, and in the changes in its economic structure. For the whole of 1989, Singapore’s growth rate was projected to be higher than those of its principal Asian competitors, and of the United States and the Organization for Economic Cooperation and Development. Such optimism is also shared by S. Rajaratnam, who was a long-serving member in the leadership of the People’s Action Party in Singapore. The United States and the European Economic Community together provide the market for an increasing share, which now comprises about 45 per cent of Singapore’s domestic exports. Japan’s share, of around 10 per cent of the total market for these exports, has not changed. Singapore’s domestic exports to Malaysia and other countries has declined in relative terms. The continuing economic recovery in Singapore is heavily dependent on external demand, export markets in the United States and Europe, and on foreign sources of investment.
