In early 2003, Prime Minister Goh Chok Tong is assessing Singapore's development strategy--tax cutting combined with an industrial policy focused on six "clusters," including biomedical sciences. After 36 years of stupendous growth, Singapore has slowed down and faces intense competition in exports and foreign direct investment, especially from China. Is its new strategy the right choice? This case examines several key aspects of Singapore's growth, including organizational/cultural arrangements, the savings/investment balance, and total factor productivity growth.
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