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In recent years, the need for countries to invest in sustainable models of growth cannot be underrated. As indicated by Rosenberg (2010), since the onset of the global economic recession in 2008, there has been general failure of some developed economies, such as the U.S., Greece, Britain, and Italy among others. However, it is notable that some economies, such as those in the Pacific region, have continued to experience rapid economic growth even despite a minimal performance in the rest of global economy.
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Stiglitz (2008) attributes this to the ability of these countries to strategically use their geographical locations, the available economic resources, as well as the human capital to facilitate the desired growth. This is despite the small size of their economies and political difficulties that have threatened this economic growth. Generally, this can be termed as a new type of a revolution in the current global economy, facilitated by new types of industrial and economical movement. This paper will candidly examine the geographical, economic, as well as the human elements that have propelled the economic tigers in the Pacific region. In this paper, special attention will be paid to Singapore, one of the world’s economic tigers.
Rosenberg (2010) candidly indicates that most of the countries surrounding the Pacific Ocean region have created an economic miracle, which is now termed as Pacific Rim. The four most notable countries, which are also known as economic tigers, are Hong Kong, Taiwan, Thailand, and Singapore. The term ‘economy tiger’ refers to those economies that have experienced rapid economic growth accompanied with high levels of increase in the standards of living (Prebisch, 2011).
Of all the economic tigers in the Pacific Rim, Singapore has clearly stood from the rest. Since 1980s, the rapid growth of this country has fueled an intense debate among the policy makers and economists. Due to its geographical location, Singapore has been able to serve as a free port for most transshipments of goods to other East Asia pacific region, such as the Malay Peninsula. Further, the introduction of postal saving institutions as well as provident funds helped to boost an economic growth. The country has also invested heavily in the education sector and other training institutions, thus being able to build the required human capital (Prebisch, 2011).
There are certain elements which Singapore can compare with the European Industrial Revolution (EIR) and the current revolution taking place in India. Just like in the EIR, Singapore is fueled by many innovators, whose high level of innovation has resulted in the production of quality goods and services. In the current time, India and Singapore has been able to invest in new technologies, thus giving rise to aspects such as double-cropping techniques, the use of seeds, having improved genetics among others (Stiglitz, 2008). Just like in India and during the EIR era, there has been enormous investment in financial sector. For example, in Singapore, there has been a surge in the number of postal saving institutions and provident funds. This has facilitated savings, which is a key factor in economic growth. There have been major changes in the transport sector. Just like India, Singapore has invested in modern forms of transport, such as electric trains, thus drastically changing the standards of living of people inhabiting rural areas (Prebisch, 2011).
In my opinion, Singapore as well as other economic tigers should be feared due to their good governance, sound financial institutions among other notable achievements as compared to developed economies, such as the U.S. This will have adverse effects on global economies and powers that have failed to invest in human capital and form regional trading blocks. Generally, by adhering to the aspects of good governance, economic tigers will continue to experience surged economic growth, both in the short and long run.