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Promoting SMEs and Enhancing Labor Productivity in Singapore: A Policy Analysis

Author

Listed:
  • Khee Giap Tan

    (Asia Competitiveness Institute, Lee Kuan Yew School of Public Policy, National University of Singapore, 469A Bukit Timah Road, Level 2, Tower Block, Singapore 259770, Singapore)

  • Yan Yi Tan

    (Asia Competitiveness Institute, Lee Kuan Yew School of Public Policy, National University of Singapore, 469A Bukit Timah Road, Level 2, Tower Block, Singapore 259770, Singapore)

Abstract

While Singapore has been doing well in terms of cross-country per capita income comparisons and in terms of overall employment growth, it has been a laggard when it comes to labor productivity and this concern is more serious for small and medium enterprises (SMEs). In this context, this paper first identifies the sources of gross domestic product (GDP) growth and simulates different scenarios pertaining to the potential GDP which the economy can achieve given the level of required productivity based on some employment-growth assumptions. Further, the paper reevaluates the performance, challenges and opportunities for SMEs as well as suggests several policy strategies as to how SMEs can synergize and be more competitive moving forward.

Suggested Citation

  • Khee Giap Tan & Yan Yi Tan, 2014. "Promoting SMEs and Enhancing Labor Productivity in Singapore: A Policy Analysis," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-12.
    • Handle: RePEc:wsi:jicepx:v:05:y:2014:i:03:n:s1793993314400122
    DOI: 10.1142/S1793993314400122
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    More about this item

    Keywords

    Singapore; small and medium enterprises (SMEs); labor productivity; competitiveness; J24; L25;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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