ZURICH - Prosperous, shielded from all its neighbours by majestic mountain ridges, famous for its good governance and determined to keep out of trouble by being neutral in any international conflict, Switzerland has long been seen as a standard-setter for what a well-run state is capable of achieving.

So, when the Financial Times published an extensive analysis of Singapore’s economy and global standing early this week, it predictably referred to the Lion City as “Asia’s Switzerland”.