When Singapore first began industrializing in the 1960s, developing countries were competitors. By the 1970s, the Asian newly industrializing countries became Singapore’s prime competitors. In addition, competition from developed countries, especially in attracting MNCs, became more intense. MNCs seeking investment locations were comparing Singapore with Great Britain, Spain, and even some states in the United States.
In 1985, the Singapore economy was hard hit by the global recession. The high average economic growth of the 1970s could no longer be expected. The impact of
When Singapore first began industrializing in the 1960s, developing countries were competitors. By the 1970s, the Asian newly industrializing countries became Singapore’s prime competitors. In addition, competition from developed countries, especially in attracting MNCs, became more intense. MNCs seeking investment locations were comparing Singapore with Great Britain, Spain, and even some states in the United States.In 1985, the Singapore economy was hard hit by the global recession. The high average economic growth of the 1970s could no longer be expected. The impact of
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