Journal Article
Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach
by
Júlia Gallego Ziero Uhr
, Felipe Weizenmann
, Daniel de Abreu Pereira Uhr
, Mariana Fialho Ferreira
and
Igor Serpa Moraes
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.
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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.