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Pitfalls, Fundamentals, and Choices

In: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy

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  • Hian Teck Hoon

Abstract

There are pitfalls to avoid such as continuing to expect that the economy’s standard of living will continue to grow at the rate that it did during the catch-up phase. Such expectations, if built into workers’ view of their wage prospects, would translate into higher unemployment. There are also fundamental forces at work to deliver an economy that is rich, and yet deliver good jobs and pay. Maintaining economic openness enables the economy to achieve economic dynamism so as to create the resources to achieve economic inclusion. Finally, there are choices to be made that are related to the challenges facing the Singapore economy…

Suggested Citation

  • Hian Teck Hoon, 2018. "Pitfalls, Fundamentals, and Choices," World Scientific Book Chapters, in: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy, chapter 11, pages 141-148, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813236233_0011
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    More about this item

    Keywords

    Singapore Economy; Catch-up Growth; Mature Economy; Standard of Living; Jobs; Business; Economic Model;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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