This volume provides an intensive review of the economic competitiveness of Singapore's economy. It identifies and analyses the strategies which will allow the economy to retain its competitive advantage in the years ahead in an increasingly globalised economic environment, considerably liberalised international trading and investment climate, and with regional economies challenging the country's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education. Dialogues and interviews with managers and CEOs of industries in the private and public sectors are also included.
'This is a thoughtful volume providing a well-rounded treatment of some of the main economic issues currently confronting Singapore. It will be of greatest interest to Singapore watchers, but given the range of issues it grapples with, a much wider audience of policymakers and those interested in development economics will also find it stimulating.' - Alfred Oehlers, Asian-Pacific Economic Literature While the Singaporean economy has experienced one of the highest rates of growth in the world over the past three decades, questions have recently been raised about the sustainability of the Singapore development model and its continued relevance in the global economy. This book is a compilation of specially written essays by a select group of leading international scholars. The authors analytically examine a number of related issues pertaining to national competitiveness, structural and macroeconomic concerns and policy options for the Singapore economy in order for it to sustain its economic viability in the global economy.
In this book Gavin Peebles and Peter Wilson offer an historical overview of the rapid growth and development of the Singapore economy, detailing the institutions and policies which have made this growth possible. They examine the current state of the economy and its future in terms of prospective growth and structural change.
Singapore's rapid ascent from Third World to First since its independence in 1965 has won it acclaim as an 'economic miracle'. Economic success has been accompanied by impressive achievements in social development, as reflected in international rankings of human capital and human development.The city state's achievements are founded on a socio-economic system characterised by low tax rates, flexible labour markets, and individual 'self-reliance', with state support centred on social investment in education and public housing.Entering the 21st century, however, slowing economic growth, an ageing population, global competition, and widening income dispersion have put the Singapore System under strain. This has prompted a significant refresh of social and economic policies over the past 15-20 years.This book aims to bring the reader up to date on Singapore's socio-economic development in the first two decades of the 21st century. It looks back to the shifts in policy thinking that have accompanied structural changes to Singapore's society and economy, taking stock of the policy innovations aimed at sustaining income growth, economic security, and social mobility. It looks around to compare Singapore's approach to those of other countries facing similar challenges, situating Singapore's experience in the wider international discourse on public policy. Finally, it looks ahead to how the Singapore System may evolve in the years to come.
This book is a collection of invited and selected papers from the Singapore Economic Policy Forum 2009 around a central theme, Challenges Facing Singapore in the Post-Crisis Era and Policy Responses. There are very few books on the Singapore economy. This one is largely non-technical in nature and brings the reader up to speed on the key issues facing policymakers in Singapore in the wake of the worst financial crisis since the Great Depression. The contributors are all experts in their field and have extensive experience of the Singapore economy. The book also offers an international dimension to look at the role of China in the Asian economy and the impact on Asia of reforms to the international financial architecture.
"The city-state of Singapore has achieved rapid economic development in the past by its positioning as an efficient business hub in Asia. To remain competitive in the global knowledge economy, however, Singapore needs to move beyond efficiency by developing a strong "innovative" edge as well. This paper examines the challenges that Singapore faces in seeking to do so through an explorative survey of 40 firms from three innovative sectors: high-tech manufacturing industries, knowledge-intensive business services (KIBS), and creative content industries. Overall, while the survey confirms Singapore's continuing competitive strength in efficiency infrastructure, it also finds a favorable perception of Singapore as an innovative city. Indeed, many of the industry actors indicated that an efficient business infrastructure is a prerequisite for locating their innovative activities in Singapore, suggesting that the relationship between innovation and efficiency is complementary, rather than substitutional. While the study found that intellectual property and its protection are widely recognized by actors in all three sectors, interesting differences exist. In particular, intellectual property protection appears to be of greater concern to the high-tech research and development-intensive manufacturing sector and the creative contents sector than to the KIBS sector. Another interesting difference is that while competition in high-tech innovation tends to be global, competition in creative content tends to have a stronger local or regional dimension. Public policy in East Asia has traditionally emphasized the development of technological innovation capabilities in the manufacturing sector. In light of the findings, public policymakers may need to be more sensitive to the nuanced differences in policies needed to promote the new creative content industries and the associated supporting KIBS. "--World Bank web site.
This book is an annual effort by the economists from the Nanyang Technological University to provide analysis, interpretations and insights on contemporary economic issues affecting Singapore.In 2010, Singapore's economy was just recovering from the sharp economic downturn in 2008/09 caused by the Global Financial Crisis. The global economic outlook in the short and medium term remained uncertain and the risk of another economic or financial crisis remains high. Thus, one of the key themes of this book is to study economic crises and financial crises, and the policy measures that are available to manage them.Looking ahead, in order to ensure long term growth and prosperity for Singapore's economy, microeconomic policy adjustments and fine-tuning is still needed to build a competitive and resilient nation. Therefore, the second key theme of the book is to review several public policies in Singapore, such as competition, healthcare, training, free trade agreements, state capitalism and inequality.
