When Singapore became independent in 1965, the average mother had at least four children. However, this view skates past a certain inevitability: Singapore’s economic star was destined to fade long before its demographic challenges manifested. In Singapore, per capita income roughly doubled every decade from 1966 to 1990, and GDP rose 8.5 percent per year, Krugman said. “Even without going through the formal exercise of growth accounting, these numbers should make it obvious that Singapore’s growth has been based largely on one-time changes in behavior that cannot be repeated,” he wrote. Historically, Singapore embraced workers from abroad, who brought specific skills required by multinational companies or perform roles that do not excite locals.

Source: Taipei Times March 27, 2021 15:56 UTC