Behind Singapore’s Economic Miracle: Can Uzbekistan Follow Suit?

Authors

  • Khaydarova Sitora Suranbay kizi Assistant, Department of Economic Theory, Tashkent State University of Economics (TSUE)
  • Shohruh Erkin ogli Sherkulov Senior Lecturer, Department of Economic Theory, Tashkent State University of Economics (TSUE)
  • Fayziyeva Dilsuz Bahodirovna Assistant, Department of Economic Theory, Tashkent State University of Economics (TSUE)
  • Abdukadirova Kamola Azimovna Assistant, Department of Economic Theory, Tashkent State University of Economics (TSUE)

Keywords:

Economic Miracle, Uzbekistan's Development Path, Singapore Model, Central Asia’s Emerging Economies, Economic Diversification

Abstract

This article explores factors behind Singapore’s remarkable economic transformation, analysing its economic policies, governance and financial incentives. The article also sheds light on whether Uzbekistan, with its unique challenges and opportunities, can replicate Singapore’s incredible success. With a comparative analysis, the article highlights important lessons that Uzbekistan can learn and adapt to its own context.

References

1. The Economist. "Panama, a Singapore for Central America." July 16, 2021. https://www.economist.com/the-americas/2021/07/16/panama-a-singapore-for-central-america

2. Bloomberg. "Kenya is Poised to Become the 'Singapore of Africa'." June 14, 2023. https://www.bloomberg.com/news/articles/2023-06-14/kenya-is-poised-to-become-the-singapore-of-africa

3. World Bank. "Singapore Economic Transformation: A Case Study in Governance and Innovation." https://www.worldbank.org/en/country/singapore/publication/singapore-economic-transformation

4. Transparency International. "Corruption Perceptions Index 2022." https://www.transparency.org/en/cpi/2022

5. International Monetary Fund (IMF). "Economic Diversification and Growth in Emerging Markets and Developing Economies." https://www.imf.org/en/Publications/WP/Issues/2021/03/12/Economic-Diversification-and-Growth-in-Emerging-Markets-and-Developing-Economies-50264

6. Organisation for Economic Co-operation and Development (OECD). "Enhancing Economic Competitiveness in Central Asia: Policy Recommendations for Uzbekistan." https://www.oecd.org/centralasia/enhancing-economic-competitiveness-in-central-asia-policy-recommendations-for-uzbekistan.htm

7. Ministry of Trade and Industry, Singapore. "Strategies for Export-Oriented Growth and Industrialization." https://www.mti.gov.sg/Resources/feature-articles/2021/Strategies-for-Export-Oriented-Growth-and-Industrialization

8. Asian Development Bank (ADB). "Fostering Human Capital Development in Asia: Lessons from Singapore." https://www.adb.org/publications/fostering-human-capital-development-asia-lessons-singapore

9. United Nations Development Programme (UNDP). "Central Asia Human Development Report." https://www.undp.org/sites/g/files/zskgke326/files/migration/eurasia/Central-Asia-Development-Report.pdf

10. Statista

https://www.statista.com/statistics/969351/gold-jewelry-demand-worldwide/

11. Raw gold image

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.skyzelectrical.com%2F%3Fg%3D988092710730&psig=AOvVaw1HqqSAo3Z1JN-Ia7hHByvM&ust=1741876726700000&source=images&cd=vfe&opi=89978449&ved=0CBQQjRxqFwoTCICs3dHihIwDFQAAAAAdAAAAABAJ

12. Gold earrings

https://www.google.com/url?sa=i&url=https%3A%2F%2Fus.beautifulearthboutique.com%2Fproducts%2Fluxury-gold-hoop-earrings&psig=AOvVaw2-CKzJcvnYrxz_3-M0xqMQ&ust=1741876825098000&source=images&cd=vfe&opi=89978449&ved=0CBQQjRxqFwoTCOiCh4HjhIwDFQAAAAAdAAAAABAJ

13. Corruption image

14. https://iconscout.com/illustration/corruption-4462078_3701018

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Published

2025-06-07

How to Cite

kizi , K. S. S., Sherkulov , S. E. ogli, Bahodirovna , F. D., & Azimovna , A. K. (2025). Behind Singapore’s Economic Miracle: Can Uzbekistan Follow Suit?. American Journal of Corporate Management, 2(6), 5–9. Retrieved from https://semantjournals.org/index.php/AJCM/article/view/1913

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