TMCnet Feature
February 24, 2021

What Singapore's Success Can Teach Countries Around The World

Singapore has been one of the most successful development stories of the 20th century. Very few countries can compare to the success that Singapore has seen in terms of economy, education and many other sectors.

The very influential Lee Kuan Yew, was the man who steered Singapore into economic success. His leadership raised the country from a third world economy into a developed country in the 90's. This incredible journey has made it into a role model for many other countries worldwide.

Dr Aniko Magasházi, an economist and expert on regional development shared an analysis on Singapore's success in her research. A review of her research was recently published in AKJournal, which is one of the most influential business journals in Hungary.

Akadémiai Kiadó (AK) which was founded in 1828, shares research results to the public in support of reliable information exchange. It shared some light on the important lessons from Singapore's success that can be replicated by other countries.

According to Dr Aniko, Singapore’s institutions played a significant role in it’s accelerated growth. It made sure resources in the country were redistributed efficiently. Which allowed it’s multiracial citizens to be treated as social capital for growth.

Direct state intervention into the economy propelled the integration between financial and production sectors. State funds were directed into big sectors like banking and electronics. Low taxes, liberal immigration policies and other financial incentives turned the country into a free market economy. It encouraged multinational firms to participate in the state’s industrialization programs.

Policies like these created an innovative ecosystem that pushed it to pursue excellence. It offered the public sector the competitive advantage it required. These made Singapore consistently be among the top nations in the yearly IMD World Competitiveness Ranking.

Efficient officials with zero tolerance for corruption were employed to make sure the policies were implemented successfully. While highly qualified and well paid professionals were hired to help all sectors reach the desired outcome. Strong penalties for those going against the law has made the country consistently rank as the cleanest economy in the world.

It is important to note that Singapore's education played an important role in the success of its development. It reformed its education system with ideals based on meritocracy to achieve future oriented goals. This has helped it achieve its visions in both high school and university levels. According to OECD’s Programme for International Students Assessment (PISA) Singapore has the highest achieving students in the world. It is among the top rated countries for science and mathematics.

While most countries struggled, Singapore has been fairly successful in handling the Covid 19 coronavirus. With a systemic approach, it managed to steer away from the pandemic and spur towards economic growth this year. About half of Singapore businesses generated more revenue late last year. This was even when the economy was facing contraction.

The Singapore model which paved the way for sustainable growth even during uncertain times is definitely a model worth emulating.

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