The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This Selected Issues paper analyzes quality upgrading and low-wage competition for Singapore. The analysis concludes that quality upgrading is indeed taking place in some products where low-wage competitors are entering. More generally, Singapore's exports are of a higher quality than its regional competitors, and the quality gap has widened over time. This paper also assesses the factors behind the mixed results of Singapore banks' outward expansion by examining the region's industry structure and competitive conditions.