Singapore in a golden period, says MM Lee

- Investors from developed countries are pouring money into the region and Singapore is enjoying good economic growth and social development.

- Foreign direct investments in Singapore have maintained at about S$6 billion to S$7 billion, whereas in China and India, they are US$70 billion and US$10 billion a year respectively.

- The key is a having a good government which will get its policies right, to encourage economic growth.

- Singapore's economic growth this year will be around 5 to 6 per cent, which is quite decent for a maturing economy, said MM Lee.

- Singapore was able to push ahead when China and India adopted wrong economic policies and She is still ahead although they have recovered.

- Some 9.7 million visitors came here last year; unemployment is at a low 2.9 per cent and 49,000 jobs were created between January and March.

- More importantly, MM Lee said, the government has revised its vision on Singapore – to turn it into a city with a lively night life, a more liberal arts and entertainment scene, the building of the two integrated resorts and the introduction of Formula 1 racing here next year.

My views:
Singapore is indeed on her way to becoming a developed nation. She is in the transition stage of a developing to a developed country given the current indicators of urbanisation. China and India, on the other hand, are still in the developing stage.

The main reasons for the rapid economic growth of Singapore would include good governance, improved social and health infrastructure, better education system, a rise in the number of entrepreneurs as well as her human resource.

Singapore's economy did not crumble when the 1997 Asian financial crisis occurred. It is likely to be the same in the future in case of a economy breakdown as we are well prepared, as MM Lee described in his message.

In 1999, Singapore has a 92% adult literacy rate and 163 doctors per 100,000 people. Compared to India which has a 57% adult literacy rate and 48 doctors per 100,000 people, Singapore has certainly attained a higher growth status, and is ever improving.

Even though Singapore was predicted to face the water crisis in the past, we manage to sustain our resources and even manage to produce our own supply of water. Water is essential for a human's survival and indirectly affects the economic growth of a nation. An example of a successful entrepreneur who contributed in this aspect is Olivia Lum, who is the founder of the Hyflux company. NEWater is now incorporated into our daily use, and is expected to be the long term solution of Singapore's limited water supply. Even the Public Utilities Board is embarking on their project (Active, Beautiful, Clean Water project) which aims to make Singapore a water hub.

But of course, ultimately Singapore still depends on her human resource as the main form of resource contributing to economic growth. What we do directly or indirectly affects Singapore's economy.

- Alvin

22/06 Forever!
1:22 PM