Tilak Spore economy overview Aug2016 - (Not for circulation...

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(Not for circulation) The Singapore Economy : An Overview by Tilak Abeysinghe Department of Economics National University of Singapore August 2016
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Real per capita income At 2005 prices, PPP based US$ From Penn World Table 8.0 1965 2011 Singapore $2,900 51,600 Switzerland 20,500 44,800 USA 18,000 42,600 S. Korea 1,200 27,500 China 800 8,000 India 1,000 3,600
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Other development indicators 1965 2013 Infant mortality rate per 1000 births 26 2.0 Life expectancy at birth 66 years 82 years (Male 80, Female 85) Owning and living in public housing 4% >80% Resident labor force with secondary education 14% 2002: 36%, 2012: 31% Resident labor force with tertiary education 2% 2002: 32%, 2012: 48%
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Secret of Singapore’s success? ¾ Lee Kuan Yew: “There was no secret; we had no choice but to take a chance and sail into rough waters.” ¾ Goh Keng Swee (1960s): “Our experience confirms some of the conventional wisdom of growth theory but refutes much of the rest. The role of government is pivotal. Non-economic factors, which have yet to be reduced to a coherent multi- disciplinary system, are more important than economic variables.” This premise supported by two Nobel Laureates, Amartya Sen (2005?) and Michael Spence (2008). ¾ The Government’s development ideology has been growth- driven, purely pragmatic and adaptable to changing circumstances .
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Books on the Singapore Economy 1. Lim Chong Yah and Peter Lloyd, eds., Singapore: Resources and Growth, 1986 2. Lawrence B Krause et al., The Singapore Economy Reconsidered, 1987 3. Lim Chong Yah and Associates, Policy Options for the Singapore Economy, 1988 4. Linda Low and Toh Mun Heng, eds., Public Policies in Singapore , 1992 5. Lim Chong Yah, ed., Economic Policy Management in Singapore , 1996 6. Gavin Peebles and Peter Wilson, The Singapore Economy , 1996 7. Toh Mun Heng and Tan Kong Yam, eds., Competitiveness of the Singapore Economy , 1998 8. Arun Mahizhnan and Lee Tsao Yuan, eds., Singapore Reengineering Success , 1998 9. Linda Low, ed., Towards a Developed Status , 1999 10. Koh Ai Tee et al., eds., Singapore Economy in the 21st Century, Issues and Strategies , 2002 11. Gavin Peebles and Peter Wilson, Economic Growth and Development in Singapore: Past and Future , 2002 12. Winston Koh and Roberto Mariano, eds., The Economic Prospects of Singapore , 2006 13. Tilak Abeysinghe and Keen Meng Choy, The Singapore Economy: An Econometric Perspective , 2007 14. Tilak Abeysinghe, Singapore Economy in The Far East and Australasia, Routledge, 2008, 2009, 2010, 2011, 2012 editions.
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