Fifty Years of Development in the Singapore Economy: An Introductory Review

Abstract

The papers in this volume provide a retrospective analysis of Singapore's economic development during the past 50 years, from the perspectives of different policy domains. This introductory review highlights common themes among the papers, chiefly the primacy of economic growth in driving social as well as economic policies, the interconnection between different policy arenas, the persistence of a particular development model despite sharp changes in policy direction, and the dominant role of the state. The authors collectively conclude that economic policy was both innovative and effective in the first two to three decades of independence, particularly in simultaneously delivering on both rapid economic growth and improved social welfare. In more recent decades, economic growth and social welfare for a significant minority of residents have begun to diverge. Looking ahead, there appears to be a consensus that slower GDP growth, higher productivity, a relative shift from manufacturing to services and from a global to a regional market orientation, and more vibrant and innovative local private entrepreneurs, are necessary for continued economic development. There is also consensus that public policy must pay greater attention to directly meeting the growing social needs of the population, especially the poor, low-income, elderly and other vulnerable groups.