By the early 1990s, the efficiency-driven education system had yielded clear results. But, as became clear during
the Asian financial crisis of 1997, the world economy was shifting to a global knowledge economy. The competitive
framework of nations was being redefined and national progress would increasingly be determined by the discovery
and application of new and marketable ideas. The growth of the global knowledge economy required a paradigm
shift in Singapore’s education system towards a focus on innovation, creativity and research.