Was Dr Tony Tan responsible for the 1985 recession? | Singapore Election Watch #sgpresident #sgelections

In 1985, Singapore plunged into its first recession, and the minister responsible for the economy at that time was Dr Tony Tan, who has trumpeted on his financial and economic acumen in this Presidential Election. Dr Tony Tan joined the Cabinet in 1980, and he was the Minister for Trade & Industry (1981–86) and Minister for Finance (1983–85). In the video shown at the EDB 50th anniversary exhibition at the National Museum, civil servant extraordinaire Philip Yeo (EDB Chairman 1986-2001) blamed the 1985 recession on the PAP government’s mismanagement of the economy. “The 1985 recession was a self-created recession. Between 1981-1985, we had a policy in government to uplift from no-skill to high-skill. What the government did was impose very high CPF. The CPF went up to 50%. All costs went up, but at the same time there was no incentive given to encourage companies to upgrad...

Full article: http://singaporeelection.blogspot.com/2011/08/was-dr-tony...

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