The Case of Singapore
Singapore started their economic transformation in the early 1960s shortly after independence from Malaysia. The phases of economic transformation of Singapore can be classified into the following: 1—labour-based growth during the 1960s, 2—skills-based growth during the 1970s, 3—capital-based growth during the
1980s, 4—technology-based growth during the 1990s, and 5—knowledge- and innovation-based growth from 2000 and forwards. R&D expenditure in Singapore has grown from 0.5 % in the 1960s to 2.3 % of GDP in recent years. Similar to Finland, Singapore invested heavily in ICT and in the education ecosystem. In particular, Singapore’s educational investment targeted technical and tertiary education, in partnership with leading international institutions. The number of scientists and engineers in Singapore has grown from 28.2 to 87.9 per 10,000 workers between 1990 and 2000. Manufacturing and services have led the economic growth of Singapore during the 1990s. In the last decade, Singapore started significant investment in the biomedical industry domain.