I am currently reading this fascinating book called How Countries compete by Prof Richard Vietor of the Harvard Business School.
The book is breathtaking as it analyses the competitive dynamics of the world’s top countries.
What he says about Singapore is interesting. He says "So let’s think a bit about the near-term future using scenarios that spring from the trajectories we’ve so carefully developed. We should start with Singapore, the most developed state in Southeast Asia. Here we saw how hard work, incredibly efficient institutions, and great leadership have made Singapore rich. But today, and for the foreseeable future, Singapore is being increasingly pressed by China and India on the low end, and more competitively by Korea, Taiwan, the United States, and Europe on the high end. Either its strategy of low taxes and networked clusters, particularly biotechnology, will work—or it won’t. If it works, we can expect Singapore to become a services powerhouse in Southeast Asia, quickly catching up with the income levels of Europe. But if not, what would happen to Singapore’s growth as it loses lower-end jobs and investments to China?
If someone does not have the time to read, a quick interview of Prof Richard is available here
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