Small economies in a post-Covid world

Singapore and other small advanced economies have weathered the pandemic better than many larger ones. They should leverage their agility and strengths in technology-and knowledge-intensive activities to do even better in the years ahead.

There are specific challenges facing small economies such as Hong Kong (above) and Singapore that have positioned themselves as global hubs for people, capital and companies, says the writer. They will need to strengthen positions of competitive adva
There are specific challenges facing small economies such as Hong Kong (above) and Singapore that have positioned themselves as global hubs for people, capital and companies, says the writer. They will need to strengthen positions of competitive advantage rather than continuing to rely on the rising tide of globalisation. PHOTO: AGENCE FRANCE-PRESSE
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Small economies have managed well through the Covid-19 crisis relative to larger economies. Despite the recent cases, Singapore is commonly ranked as a world leader, alongside New Zealand and Taiwan, in having controlled the spread of Covid-19.

In terms of economic outcomes, small advanced economies have outperformed their larger counterparts over the past year. Small advanced economies' gross domestic product (GDP) growth contracted by 3.5 per cent last year, compared with 5 per cent in the Group of Seven large economies.

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A version of this article appeared in the print edition of The Straits Times on May 17, 2021, with the headline Small economies in a post-Covid world. Subscribe