Between 1960 and 1995 , real GDP per capita in Singapore grew at an average annual rate of 6.2 percent . This very rapid growth rate results in the in the level of real GDP per capita doubling about every 11.3 years . In 1995 , Alwyn Young of the London School of Economics published an article in which he argued that Singapore's growth depended heavily on increases in capital per worker and the transfer of workers from agricultural to non - agricultural jobs .
Then , another article in the Economist magazine compares Panama to Singapore quotes Panama's President as saying : " We copy a lot from Singapore and we need to copy more . " The article observes that : " Panama is not even one - fifth as rich as its Asian model on a per - person basis . But Singapore would envy its growth : from 2005 to 2010 its economy expanded by more than 8 % a year , the fastest rate in the Americas .

Judging from the experience of Singapore , if Panama wants to maintain these high growth rates in the long run ( more than three decades ) , can Panama exactly copy what Singapore has done ? Explain . What else Panama needs to do ? Explain .