Friday, June 1, 2007

Understanding Singapore's Economic Competitiveness

The abstract below is extracted from the author's website/Mr Leo Kee Chye is well versed in Economics and several other discilines). I strongly recommend you read the article.

Abstract
Based on a research paper (2002) by the McKinsey Global Institute, this essay argues the importance in the role of the government in focusing on a few strategic sectors. The McKinsey paper reveals some surprising findings: 1. Much of the United States labour productivity growth jump in the period 1990-1999 was real and will continue. 2. The productivity growth jump was concentrated in only six out of fifty-nine economic sectors in the United States. Therefore, if the Singapore government choose to focus on these few strategic sectors, they can potentially drive the overall Singapore economy.

This essay also argues how the above strategy can be complemented by leveraging on the opportunities accruing from the globalising economy, and by identifying city-state's role in the portion of value chain in an increasing China-centric world, to enhance Singapore's competitiveness on the international stage


How can Singapore remain competitive in a globalising economy?

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