Singapore registers impressive rankings on competitiveness surveys (Table 1).

The VNR also examines areas where our policies may be lacking and how we could overcome them to better achieve the Sustainable Development Goals (SDGs). [19] Given that Singapore has sophisticated and dynamic multinational companies and that most of its government-linked companies operate quite well, this poor ranking almost certainly reflects the weakness of the local private sector. Competitiveness can be looked at in many ways. [24] These sentiments lend support to concerns that the CFE’s approach will not be sufficient to address the substantial challenges Singapore faces.

After Singapore gained independence in 1965 in difficult circumstances, policymakers pushed multiple economic strategies. Studies carried out by leading environmental institutions, including Yale University and the United Nations, rank Singapore fourteenth globally and first in Asia on the Environmental Performance Index.

It remains the most expensive place in the world to own and run a car and the third-priciest place to buy clothes. Moreover, the strategic approach to tackling long-term challenges may not be adequate.

Its location astride the three substantial economic growth regions of China, India, and ASEAN should provide Singapore with continued opportunities to grow. For example, scholars serving in the Singapore Armed Forces appear to be parachuted into senior positions for which their training and exposure do not prepare them adequately. The policy choices it makes will determine if it can remain the premier hub in the region, facilitating flows of trade, investment and human capital, while offering high value-added services such as international arbitration and mediation. Singapore has been able to morph into a modernized city-state without having a negative impact on nature. Local companies will have the incentive to stay and adapt. The government will simplify the regulatory framework for venture capitalists and encourage the entry of private equity firms to provide smart and patient growth capital.

You can read this subscriber-only article in full, All done! It would also include the adapted cultural habits and institutions in society that enable economic agents to work together to produce results, including, more broadly, social resilience and cohesiveness. Despite the best efforts of the government to incentivise child rearing, in 2017 the fertility rate fell further to 1.20. This means that even as competitors in Asia flourish and boost their returns, Singapore has lagged behind and is at risk of diminished competitiveness. No new initiatives for regional integration appear to have been contemplated. Singapore’s economic model is characterised by three overarching characteristics: superior organisational ability over its neighbours and competitors; pragmatism and creative problem solving; and deep-seated values such as meritocracy, multiracialism, and dedication to the common man. We assessed that our approach of integrating sustainability directly in our policy process has worked well for us overall. A second challenge is inequality. Australia Square NSW 1215, Australia, Lowy Institute