Publication Type
Working Paper
Version
publishedVersion
Publication Date
5-2004
Abstract
The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region. The call reflects an increased awareness both within and outside the government of the need to redefine Singapore’s comparative advantage through a new national innovation policy.
Keywords
Economic growth, economic stagnation, economic policies, innovation, Singapore
Discipline
Asian Studies | Growth and Development
Research Areas
Applied Microeconomics; Macroeconomics
Volume
15-2004
First Page
1
Last Page
61
Publisher
SMU Economics and Statistics Working Paper Series, No. 15-2004
City or Country
Singapore
Citation
TAN, Kim Song and PHANG, Sock-Yong.
From Efficiency-Driven to Innovation-Driven Economic Growth: Perspectives from Singapore. (2004). 15-2004, 1-61.
Available at: https://ink.library.smu.edu.sg/soe_research/788
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Comments
Also published as World Bank Policy Research Paper, no. 3569 https://openknowledge.worldbank.org/handle/10986/8982