Pursuing the Holy Grail of knowledge-based economy assessment: The case of Singapore

While the knowledge-based economy (KBE) and its effects are often recognized and discussed, there is a lack of consensus within the international community about how an economy's progress in the knowledge arena is definitively measured. This paper focuses on the context of Singapore and seeks to develop a set of indicators that could be used to track Singapore's economic development as a KBE. To achieve this objective, major KBE assessment models were reviewed and conflated into an interim set of KBE indicators for Singapore. Thereafter, the appropriateness of the indicators was subject to experts' opinions solicited from the Singapore Economic Development (EDB). The findings yielded specific recommendations to help build capabilities in the areas of knowledge creation, knowledge acquisition, knowledge dissemination, and knowledge application for the economy of Singapore.