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.
Asian Studies | Growth and Development
Macroeconomics; Applied Microeconomics
Singapore Management University, School of Economics. Working Paper Series, Paper No. 15-2004
City or Country
TAN, Kim Song and PHANG, Sock-Yong.
From Efficiency-Driven to Innovation-Driven Economic Growth: Perspectives from Singapore. (2004). Research Collection School Of Economics.
Available at: http://ink.library.smu.edu.sg/soe_research/788
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