SINGAPORE (Jan 25): Over the last 200 years, Singapore has overcome wars, international political upheavals and economic disasters to become a thriving city state.
The country’s success has been predicated on its being more adept and advanced than the other countries in its neighbourhood. By being the most efficient, and cleanest, economy on the block, it was able to leverage its historical advantages of a free and open port, to build a thriving hub for trade and financial services.
The government has invested heavily to develop world-class ports — air and sea — that facilitate the movement of trade and services, and attracted investments and talent from across the globe to its shores.
Yet, some of the sectors that have hitherto enjoyed tremendous growth as a result are beginning to experience a slowdown.
Medical tourism in Singapore — which fed the growth of the private healthcare industry, for example — has begun to slow over the last few years as higher costs drive regional patients to competing medical centres in Malaysia and Thailand.
Separately, and one that may well be out of its control, continuous advancements in technology would make its ports irrelevant: Aircraft and ships would no longer be limited by range and be forced to call at Changi or Tuas while on a journey between the East and West.
How should Singapore chart its path ahead? How should it navigate the increasingly murky waters that is its relations with other countries; and how can it keep ahead of rising regional competition?
Find out more in The Edge Singapore Issue 866 (week of Jan 28) as we speak to a number of economists and observers about concerns over the mounting challenges ahead.
Subscribers can read the story here: “Charting the future”
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