Singapore's Transition to Innovation-based Economic Growth: Infrastructure, Institutions and Government's Role

• Main Author: KOH, Winston T. H.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2006
• Subjects: Asian Studies; Growth and Development
• Online Access: https://ink.library.smu.edu.sg/soe_research/100; https://ink.library.smu.edu.sg/context/soe_research/article/1099/viewcontent/Koh_2006_SingaporeTransition_innovation_economic.pdf
• Institution: Singapore Management University

Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and institutions to develop innovation capabilities and encourage entrepreneurship. [ABSTRACT FROM AUTHOR]