The latest report which says that Singapore is the wealthiest
nation in the world by GDP per capita, beating Norway, the U.S., Hong Kong and
Switzerland, has clearly PROVEN a good point in case that it does not matter
where you start. What's matter is the ultimate result.
I recalled vividly when this country broke off
from my country, Malaysia, when I was only a primary school student. At that
time I have collected a few Singaporean coins at the exchange rate of RM0.90
for Singapore Sin 1.00. I was very curious as to why my country's
currency was stronger than my neighbour's country.
Not long thereafter, I
was told that Singapore was just an island of fishing villages with no natural
resources. It could not survived long by it own because it lacked natural
resources. The maximum it could survive was 5 years from 1963, it would surely
go bust. My curiousity drove me to find out more about this small country and
that's how I get to know Mr. Lee Kuan Yew, who became one of my heroes.
I must say that it did
unbelievably well, caught many by surprise that was far more than anyone's
expectation. This wealthy nation has national reserve of over USD 100 billions
without any national debt has made people stun of its marvelous achievement.
Its currency gaining strength to slightly higher than RM 2.50 at the time of
writing and I still remember that RM 2.50 was the exchange rate for US dollar
before the Asean crisis 1996. Well done, Singapore.
I was very fortunate to
have a chance to see through my life on how this country breed its success one
after the other. It began with an international harbour and transformed as
international logistics hub, financial, educational centre, international
tourism center to its latest art and cultural centre.
Here, It has clearly
shown how it prospered as an entreport (a trading post where
merchandise can be imported
and exported without paying import duties), and imported raw
materials for its needs, industries and exported processed products to the
world. Having to buy nearly everything from other countries, such as sand,
water, oil, vegetable and fruits did not hamper it from progressing. In short,
all these handicaps had not stopped it from being stronger and better than
other countries which have been blessed with all the natural resources.
Append below please find
some significant statistics for your reading and references. As of 8 August
2010, Singapore is the fastest growing economy in the world, with a growth rate
of 17.9% for the first half of 2010. The Wall Street Journal report
is replete with superlatives about Singapore economic performance, among which
are as follows:
“Singapore’s GDP per
capita – at US$56,532 in 2010, measured by purchasing power parity – is the
highest in the world, topping Norway (US$51, 226), the US (US$45, 511) and Hong
Kong (US$45, 301). The report also predicts that Singapore will hold its place
as the world’s most affluent country in 2050…. Singapore will see a 67%
increase in centimillionaires over the next four years – [centimillionaires are
those] with over US$100 million in disposable wealth…. Singapore has the
highest percentage of millionaire households in the world, a title the
city-state has held on to for two years running….”
It can safely conclude
that some of the key contributing factors to Singapore’s forecast performance
are its ‘human capital’ – a skilled and educated labour force (which is likely
to lead to better long-term prospects for a country’s economic growth), the
dynamic business environment (with legislation to match), openness to trade,
capital mobility and foreign direct investment…. Hong Kong, Taiwan and Korea
are employing the same Singaporean strategies on Human Capital where the
brightest and the brilliant are attracted from all over the world, universities
rankings are among the top World 50.Surely something must be really right and
appropriate.
Another key interesting note is that its public service is more transparent, honest, bribe-free, absolutely professional, and pro-growth in its approaches when dealing with investors and technocrats. In Singapore, the civil servants have very strict instructions to use all available government means to facilitate the license and permit applications by business people, and to assist them in all technical matters that arise. The civil servants are totally forbidden from accepting any gift of any kind, nor to accept dinner invitations from businessmen. Singapore has the high international reputation of being bribe-free and has a highly conducive business environment.
Another key interesting note is that its public service is more transparent, honest, bribe-free, absolutely professional, and pro-growth in its approaches when dealing with investors and technocrats. In Singapore, the civil servants have very strict instructions to use all available government means to facilitate the license and permit applications by business people, and to assist them in all technical matters that arise. The civil servants are totally forbidden from accepting any gift of any kind, nor to accept dinner invitations from businessmen. Singapore has the high international reputation of being bribe-free and has a highly conducive business environment.
The moral value of this
success story is that it does not matter where you start, what is more
important is how you handle and manage it. With strong desire and
determination, slowly and surely the success is within your reach. Therefore,
to achieve success, one has to take full accountability and responsibility of
it, and not blame others. I was very fortunate to learn all these good values
from all those kind souls who left behind their good legacy of those high moral
value and not forgetting those kind hearts who have been helping and guiding me
all these while of the application of these values into practice.
Thanks for your time and effort to read this
article. Please share this if you find it useful.
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