Singapore’s economy grew only .05 percent in the first quarter of 2015. This is very weak by Singaporean standards, especially when compared to the 4.9 percent expansion in the fourth quarter of 2014. The news forced economists to lower expectations of Singapore growth for 2015.
Lee Kuan Yew leaves behind an immense legacy. As Singapore’s first statesman, Lee inadvertently became the leader of an independent city-state after Singapore was expelled from Malaysia in 1965. He led a government of very talented officials who together transformed the former British colony into a first world country.
Lee Kuan Yew was quite simply, and unquestionably, one of the outstanding national leaders of the last hundred years. He worked on a small canvas, but what he achieved in tiny Singapore not only transformed the lives of his own people profoundly, but had an immense impact beyond Singapore in shaping the Asia of today.
Lee Kuan Yew, the founding father of one of Asia’s smallest but most developed economies, has died. Lee led Singapore after its separation from Malaysia to emerge as one of the world’s most powerful financial centres.
The tiny nation, whose main industry was manufacturing at independence, saw its GDP per capita skyrocket under Lee to one of the highest in the world in 2013, behind just oil-rich Qatar and private banking centre Luxembourg, according to the IMF. Its population has doubled to more than 5m.
Recent debates on meritocracy raise questions as to what Singapore regards as merit. Several concepts have emerged reflecting how meritocracy is evolving in the Singaporean context, such as ‘compassionate meritocracy’, ‘trickle up meritocracy’ and ‘meritocracy through life’.
The 50th anniversary of independence is an opportune time for Singaporeans to deliberate; how they understand the country today, its driving forces, and the idea of meritocracy.
This year marks the 40th anniversary of Temasek, one of Singapore’s two sovereign wealth funds (SWFs), along with the Government Investment Corporation (GIC). Set up in 1974 as part of the newly independent city-state’s nation- building effort, Temasek has evolved from a sleepy holding company shepherding an initial portfolio of 35 inherited government-linked companies (GLCs) to a long-term, return-seeking investor with both wealth-management and development mandates.
The recent demand for Singapore-based bonds within an already bloated private banking industry has revealed some major risk factors. Analysts have discovered that up to three out of every 10 notes sold in 2014 had yields upwards of 6 percent. The Halcyon Agri Corporation, a major player in the global rubber industry, recently approached its debt holders requesting for a waiver of interest coverage requirements in an attempt to smoothly slide out of its slump.
On the usual measures of economic prosperity, Singapore went from strength to macroeconomic strength in 2014. Real economic growth was between 2.5 and 3.5 percent for the year. The IMF forecast the world economy in October to have grown at 3.3 percent. Singapore continued to grow in importance as an ASEAN hub for RMB-denominated financial services, named for the ninth year running, the best global location for business and enterprise.
Recently, experts have suggested that Singapore’s economy may be back on track for moderate growth this year, in part because of the economic growth in the United States. Demand from the US could help Singapore exports.
On 27 September, hundreds of people staged a ‘Return Our Central Provident Fund’ (CPF) protest rally at Hong Lim Park, Singapore. Simultaneously in Hong Kong, the Occupy Central movement, combined with student-led classroom boycotts, morphed into a bigger and broader pro-democracy protest — paralysing key financial and administrative locations such as Admiralty, Civic Square and Harcourt Road.
