Learning to Grow: A Human Capital-focused Development Strategy, with Lessons from Singapore
Raymond Saner and Lichia Yiu, 2014, The Graduate Institute, Geneva, 2014, Articles and Debates 5.3
Low levels of human capital stock limit growth opportunities for companies and correspondingly can slow down economic development thereby endangering a country’s competitiveness. Perceived underinvestment in human capital by its firms can be corrected by a country by making investment in human capital a centrepiece of its development strategies. Singapore provides a model of such a strategy, continuously improving its human capital to attract foreign investment to the county. Singapore’s continuous upgrading of its workforce’s skills has unlocked equally continuous development of higher value added economic activity, a development “miracle.”