Open Access Journal Article

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

by Júlia Gallego Ziero Uhr a ,  Felipe Weizenmann b ,  Daniel de Abreu Pereira Uhr a,* ,  Mariana Fialho Ferreira c  and  Igor Serpa Moraes b
a
Economics, Universidade Federal de Pelotas, Pelotas, Brasil
b
Organization and Markets Graduate Program - PPGOM, Universidade Federal de Pelotas, Pelotas, Brasil
c
Economics, Universidade Federal do Espírito Santo, Vitória, Brasil
*
Author to whom correspondence should be addressed.
EAL  2024, 61; 3(3), 61; https://doi.org/10.58567/eal03030002
Received: 18 January 2024 / Accepted: 2 April 2024 / Published Online: 7 May 2024
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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;
Copyright: © 2024 by Uhr, Weizenmann, Uhr, Ferreira and Moraes. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
Uhr, J. G. Z.; Weizenmann, F.; Uhr, D. d. A. P.; Ferreira, M. F.; Moraes, I. S. Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach. Economic Analysis Letters, 2024, 3, 61. https://doi.org/10.58567/eal03030002
AMA Style
Uhr J G Z, Weizenmann F, Uhr D d A P, Ferreira M F, Moraes I S. Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach. Economic Analysis Letters; 2024, 3(3):61. https://doi.org/10.58567/eal03030002
Chicago/Turabian Style
Uhr, Júlia G. Z.; Weizenmann, Felipe; Uhr, Daniel d. A. P.; Ferreira, Mariana F.; Moraes, Igor S. 2024. "Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach" Economic Analysis Letters 3, no.3:61. https://doi.org/10.58567/eal03030002
APA style
Uhr, J. G. Z., Weizenmann, F., Uhr, D. d. A. P., Ferreira, M. F., & Moraes, I. S. (2024). Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach. Economic Analysis Letters, 3(3), 61. https://doi.org/10.58567/eal03030002

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