Singapore's economic development: Four lessons and some doubts

Abstract

Abstract This paper uses a variety of data to take a close look at what lessons can be adduced from Singapore, often regarded as the world's most successful economy or even a miracle. There are indeed lessons from Singapore's remarkable growth, but the most interesting are those rarely, if ever, identified as such, which stem from government's central role in the economy. Although Singapore's economic record makes it a model to which many countries aspire, total factor productivity growth has been low. That finding, together with the particular nature of Singapore's state‐directed economic growth, create some doubts as to whether an economy able to sustain high living standards in the long term has yet been fashioned.