Title

Economic prospects of Singapore

Publication Type

Book Chapter

Publication Date

8-2015

Abstract

For Singapore's economic future, I assume that all Singaporeans want to ensure that our current standard of living is at least maintained, if not improved upon. Like most economists, I do not assume that material prosperity equals happiness. There exists, however, a minimum growth rate that is needed to maintain full employment for Singaporeans, especially young Singaporeans, and which will avoid graduate unemployment. Unfortunately, what that necessary minimum growth rate is, is absent from the national conversation. Nevertheless, that minimum growth rate should allow for the median wage to rise or at least, not fall as has happened in industrial countries. Can Singapore avoid the secular stagnation currently being experienced in industrial countries? For example, since the onset of Financial Crisis in 2007, the US trend growth rate has fallen from about 3% to about 1.8%, resulting in prolonged unemployment, stagnation of real wages, lower participation rates, not to mention homelessness, greater dependence on food stamps and other forms of welfare.

Keywords

Economic conditions, economic growth, Singapore

Discipline

Asian Studies | Growth and Development

Research Areas

Macroeconomics

Publication

Singapore 2065: Leading insights on economy and environment from 50 Singapore icons and beyond

Editor

Euston Quah

First Page

213

Last Page

218

ISBN

9789814663366

Identifier

10.1142/9789814663380_0040

Publisher

World Scientific

City or Country

Singapore

Additional URL

http://doi.org/10.1142/9789814663380_0040

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