Economic Tiger Essay Example | Topics and Well Written Essays - 500 words

Economic Tiger - Essay Example Singapore is one of the leading economies in the world and is one of the economic tigers experiencing rapid economic progress over the period of time. Though smaller in geographical size, Singapore is considered as one of the leading economic hubs in international economy. One of the essential characteristics of the growth rates achieved by Singapore was its highly skilled and educated labor force. (Tulshyan, 2010). It is also important to note that the Singapore, as against other countries in the block, developed itself also as a financial hub of the region rather than achieving the growth mainly through industrialization. The overall economic growth is attributed to the export led growth which is mostly controlled through the state owned institutions. (Medina, 1996). Export of chemicals, refined oil as well as electronics are the main source of revenue for the country. Though geographically Singapore may be at disadvantage owing to its overall size and proximity with other countrie s, however, Singapore has been able to achieve the economic growth through a mixture of economic liberalization and state controlled institutions which are supporting the economy and creating the required level of economic prosperity.