18 Apr '12, 9pm

Prof Lim Chong Yah debunks notion that wage “shock therapy” caused 1985 Singapore recession: 18 April 2012 Profe...

“Official statistics show Singapore had an average of 6.4 percent real growth rate per year from 1974 through 1978, the quinquennium before Shock Therapy I. They also show that in the quinquennium that followed, covering the three years of Shock Therapy I and the two years following it, the average real GDP growth rate was 9.2 percent per annum, a figure which is much higher than the preceding five years of 6.4 per cent per annum,” said Prof Lim.

Full article: http://www.sgpolitics.net/?p=7520

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