In the mid-1980s, when the former World Bank economist Teh Kok Peng was working at the Monetary Authority of Singapore, he recalls being summoned to a meeting with then Prime Minister Lee Kuan Yew.
Singapore was in the midst of a recession, and the topic for discussion was nothing less than Singapore's economic strategy. Dr Teh believed that Singapore should focus more on tapping the fast-growing economies of the region rather than depending largely on multinational corporations.
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