Forum: What makes Singapore the real exceptional nation
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The news coming out of the western flank of the Atlantic makes for uncomfortable viewing, with many feeling anxious every time they watch the news.
Rolling back renewables’ development, fanning the flames of hyper-partisanship, all while overseeing increasing disparity and having multiple mass shootings so far this year do not make the US an “exceptional country”. The moral malaise is palpable.
Other Western nations too are hit by economic and leadership malaise. The euro zone is structurally flawed, with its internal barriers and regulatory hurdles creating a very difficult macroeconomic environment.
The UK’s relevance has diminished over time, especially post-Brexit.
China, too, has scored some own goals. The decades-long dependency on real estate has ended. Coupled with a 200-plus per cent debt-to-GDP ratio and poor demographics, it is an economy under enormous pressure.
Japan is dealing with fractured politics and a declining working-age population, and Latin America and Africa are struggling with corruption.
Standing reasonably tall are India and Asean. But towering above them all is Singapore.
What makes Singapore the “real” exceptional nation?
First, political stability in the age of chaos. We’ve just had a change of prime minister with minimal fuss and fanfare. The Government’s focus remains squarely on the long term while executing in the short term.
Second, maintaining our economic resilience amid increasing global uncertainty.
In Singapore, we are seeing the payoff of our planned transition from a maritime services and oil refining economy to one led by innovation, technology, biotech, fintech, sustainability and the arts.
Further, Singapore’s private sector operates alongside public regulation, with rising wage growth and productivity. A constructive relationship between labour and industry is the optimal governance architecture of the future.
Three, preparedness in the era of climate disasters. Singapore’s investment in coastal protection measures, green infrastructure and water management will serve us well in the years ahead.
Much has been achieved by smart planning and a citizen- and community-focused government, but Singapore still has several challenges: a rapidly ageing population, adequacy of talent, and balancing competing geopolitical interests.
Does Singapore have the “paranoid optimism” to thrive in this unstable and fractured world? Singapore remains well-positioned to continue forging ahead with its enduring model of stability through a pragmatic government.
Singapore’s focus on long-term planning, social cohesion and community, innovation and competitiveness, efficiency and productivity, reducing disparity, and shared prosperity is what makes Singapore the truly exceptional nation.
Tarun Kataria