Singapore: A Future Economic Powerhouse?

Legacy

Developing countries should take notice that it takes time, patience, perseverance and determination to become a more important player in the global markets. Singapore clearly demonstrated this by gradually instating well thought reforms. Another key aspect is government intervention and regulation of the market and production sectors. The government clearly had a long-term objective, but adjusted its policies based on current realities.

During the oil price collapse, the Singapore government quickly realized that they needed to be less vulnerable to market shocks. Therefore, they reacted appropriately by instating reforms aiming towards the high-end manufacturing sector and higher-skilled labour markets. While the political atmosphere in Singapore has been criticised for its laissez faire approach to democracy, its political environment was a primary force in helping to stabilize the economy.

What other countries should also learn from Singapore is that political stability, high level of education, open-market policies, modernized infrastructures, attracting foreign investor policies and sustainable long-term economic objectives are key elements to ensure a country’s success in today’s competitive markets.

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