Yes, I agree that a large part of Singapore's economic success rests on the government's ability to ensure macroeconomic stability and build long-term growth. To ensure macroeconomic stability, fiscal policy, which involves using government spending and taxes, and monetary policy, which is changing interest rates and the quantity of money in the economy, and policies of supply, which aim to strengthen production. capabilities of businesses, must be implemented by the government. To build long-term economic growth, there must be an increase in real GDP growth which translates into an increase in 2 sources: total hours and labor productivity. Total hours correspond to the total number of hours worked by employees, which are affected by population growth. But to increase real GDP per person, labor productivity is essential and depends on 3 factors: growth of physical capital, growth of human capital and technological progress. Singapore's remarkable growth from a small fishing village to the bustling cosmopolitan city it is today is largely due to the efforts of the government. As one of the Eight Highest Performing Asian Economies (HPAE), Singapore's astonishing GDP per capita growth between 1960 and 1985 ranked fifth in the world. This was due to the government's strategic promotion of exports. forward-looking industrialization, rapid accumulation of capital and labor, and attraction of foreign direct investment (FDI). After the 1973 oil crisis, the Singapore government shifted its focus from labor-intensive industries to high-tech manufacturing and high-value-added services. After the global recession of 1985, the Singapore government restructured itself to become a developed nation, focusing on product quality. ... middle of paper ...... from Business and Management, vol. 9, no. 4, pp. 373-388.Gerlach, S. & Gerlach-Kristen, P. 2006, Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore, Rochester. Hilsenrath, JE 1999, A decade of change --- It's time to make it easier Top: Singapore has prospered because of a government that is both active and pro-business; But the formula risks running out, New York, NYKhuong, MV 2011, "Sources of Singapore's Economic Growth, 1965-2008: Trends, Patterns and Policy Implications", ASEAN Economic Bulletin, vol. 28, no. 3, pp. 315-336.Lam, NMK 2000, 'Government intervention in the economy: a comparative analysis of Singapore and Hong Kong', Public Administration and Development, vol. 20, no. 5, pp. 401-418.Wood, JH 1992, "Monetary policy in a small open economy: the case of Singapore", Economic Review - Federal Reserve Bank of Dallas, , pp.. 25.