Should we do away with GDP?

For decades, gross domestic product (GDP) per capita has been increasing in many countries in Asia and the Pacific. However, inequality has also risen, and extreme climate events that can …

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Effective structural change: A new approach to analysing economic growth

Studies have not been able to conclusively prove that structural change drives economic growth. In his paper Structural change and economic growth: Empirical evidence and policy insights from Asian economies, Dr Vu Minh Khuong of the Lee Kuan Yew School of Public Policy at the National University of Singapore proposes a new measure of structural change that can deepen our understanding of how the phenomenon influences economic growth.

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An economic gang that thrives on elasticity

By design, the ASEAN Economic Community (AEC) has approached integration with an eye on creating headroom for its hyper diverse and rapidly expanding economies to grow. That has meant embracing pragmatism and flexibility—power is decentralized and there is no one-size-fits-all policy. It’s worked thus far: analysts project the union could become one of the world’s four largest economies by 2050.

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