Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach

Júlia Gallego Ziero Uhr, Felipe Weizenmann, Daniel Uhr (), Mariana Fialho Ferreira and Igor Serpa Moraes
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Júlia Gallego Ziero Uhr: Economics, Universidade Federal de Pelotas, Pelotas, Brasil
Felipe Weizenmann: Organization and Markets Graduate Program - PPGOM, Universidade Federal de Pelotas, Pelotas, Brasil
Mariana Fialho Ferreira: Economics, Universidade Federal do Espírito Santo, Vitória, Brasil
Igor Serpa Moraes: Organization and Markets Graduate Program - PPGOM, Universidade Federal de Pelotas, Pelotas, Brasil

Economic Analysis Letters, 2024, vol. 3, issue 3, 10-18

Abstract: We assess the impact of the Strategic Economic Plan on Singapore’s long-term GDP per capita. To our knowledge, we are the first to evaluate the effect of the 1991 plan on Singapore’s successful growth trajectory using methodologies aimed at causal identification. In other words, this article applies the Synthetic Control method and World Bank data from 1970 to 2018. We estimate an average increase of 6,641.71 US$ in Singapore’s GDP per capita. Results remain robust to placebo and leave-one-out tests and the Synthetic Difference-in-Differences method.

Keywords: Strategic Economic Plan; Singapore; GDP per capita; Synthetic Control; Synthetic Difference-in-Differences (search for similar items in EconPapers)
Date: 2024
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