At 17.9% Singapore shows how rich countries can grow fast

An annualised figure of 17.9% for growth in the first half of 2010 is pretty staggering for a 5 million strong island nation with GDP per head (on a PPP basis) of $50,000.

When I see figures like this, I wish there was much more interest and debate on how the UK could lift it’s own paltry trend growth rate. Right now it stand at just over 2% and to take us technically out of economic decline, i.e. above the world growth rate, it needs to be about 5% or more.

Instead, we seem to be more interested in tiptoeing around the margins, engaging in the latest fashions like nudge economics, when clearly what we need is an almighty shove !