The economy of Singapore is at a crossroads. GDP is no longer an adequate measurement of progress. Other yardsticks should be considered as well.

SINGAPORE (Aug 12): By most measures, Singapore has made extraordinary progress since its independence. In 1965, the city state’s nominal GDP per capita, as a comparative measure of standard of living, was around US$500, the same level as Mexico’s. By 2015, GDP per capita was around US$56,000, comparable to those of the US and Germany.

A big part of Singapore’s rapid development is attributed to its chosen economic model for growth: an export-oriented, international business-friendly market. Leveraging its historic and geographical advantages, the city state developed as a key hub for global financial, business and transhipment activities. But the erstwhile successful growth story has hit a snag. 

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