Today, as we contemplate life after 60, we can still be confident of our domestic strengths. In addition, our regional hinterland while having its share of problems is still better off than competing regions. However, the global environment has taken a nasty turn for the worse. The damage from the recent dislocations will take a while before it is seen in the data but we should not be complacent in thinking that the world will somehow absorb these shocks without much damage.
In its 60 years of independence, the tiny city-state of Singapore has defied the odds and created a united and harmonious nation out of a small city of diverse peoples. It also delivered fabulous improvements in the livelihoods of its people through an economy built on the solid foundations of a highly competitive economy — despite finding itself, in 1965, in the midst of wars, insurgencies and communal tensions in its hinterland and not possessing natural resources.
The country’s success was due to a unique set of circumstances. Internally, Singapore was blessed with visionary political leaders, talented technocrats and a down-to-earth citizenry that did not give in to emotive appeals based on race and religion, thus ensuring political stability. Despite the region’s instability, Singapore could still look for opportunities in a world where global trade and finance were growing and international businesses were looking beyond their home bases for places to locate their labour-intensive manufacturing.
