Singaporean Economic Development and Peculiar Observations on Saving, Labour Share, Productivity and Current Account Surplus
Keywords:
Labor Shares, Economic Restructuring, Consumption Ratio, Total Factor Productivity, Unit Labor Cost, SingaporeAbstract
Singapore’s development experience in relation to various crucial phases of its economic development is reviewed in this paper. The frst objective is to provide a quick profle of the Singaporean economy’s development history from 1960 to the present. Singapore is often perceived to be an economy that is high in saving rate and current account surplus, low in labour share and productivity. Hence, a second objective is to clarify some popular misconceptions and uncommon phenomena about Singapore’s economy and hence consider its prospects. Its economic development experience is not so unique as to defy the usual laws of economics, but rather, can be a useful reference for other economies to emulate.
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