Singapore Seen Overtaking Malaysia 45 Years After Lee's Tears By Shamim Adam - Nov 10, 2010 11:01 AM ET Forty-five years after Singaporeâs expulsion from a union with Malaysia left Lee Kuan Yew in tears on national television, the economy of the city-state he led to independence is poised to overtake its neighbor. Singaporeâs gross domestic product will cap its fastest annual growth this year since independence, rising as much as 15 percent to about $210 billion, while the economy of Malaysia, a country 478 times its size, will expand 7 percent to $205 billion, government forecasts show. The nations are scheduled to release their 2010 data by February. The island that former economic adviser Albert Winsemius once said was considered a âpoor little market in a dark corner of Asiaâ is now ranked by the World Bank as the easiest place to do business, has the worldâs second-busiest container port, and boasts the highest proportion of millionaire households, according to the Boston Consulting Group. Singapore was kicked out of the union partly because Lee opposed Malaysiaâs affirmative-action policy, which provides special rights to the ethnic Malay majority http://www.bloomberg.com/news/2010-...a-45-years-after-split-left-lee-in-tears.html It is like a state of the USA seceding and overtaking the rest of it.
This is very interesting! One thing we should take note of is Singapore economy is mainly financial services... and Singapore is one of the most welcoming nations in the world for money with shady source and/or ownership. There is capital punishment for trafficking drugs through Singapore... but drug truffickers who haven't got caught inside the city-country are very welcome to deposit and invest their gains.
Singapore is the financial service capital of the ASEAN slowly displacing Hong Kong since reverting back to China but it is also the shopping capital of Asia as well. Shopping Singapore is a wonderful experience. The Singapore people are happy, friendly and helpful. Entreprenurism grows well and there is plenty of growth potential there. Add that it is one of the cleanest places in Asia and you can imagine why it is so welcoming. Jim Rogers loves it there too . . .
It's difficult to comment on this. Mainland Chinese companies are naturally attracted to Hong-Kong. So, most of the Chinese grouth is projected there. Indian companies prefer to list locally or in London. I can't comment on shopping but seafood omlettes in Singapore are delicious.
Mainland Chinese companies . . . yes Indian companies . . . yes The rest of the world companies want a footprint in Singapore. I will concur with the omlettes and add crab bee hoon & fish head curry.
just got back from singapore on a weekend trip, beautiful island nation but boring as hell..spending a week there is six days too many..no slums in singapore, streets are clean, and their public housing looks better than some condos in the u.s. ...
http://en.wikipedia.org/wiki/Singapore#Economy What absolute nonsense about Singapore welcoming money with shady sources. Do you even live or work here in Singapore?? The economy is driven by manufacturing and services, and financial services is one part of it. You made it sound like the banks' main deposits came from drug traffickers who are not caught. Have you seen any forms where depositors are asked to declare if the sources of money came from drugs or shady operations, and bankers welcome it if they say so??
You are spot on!! There is a diverse economic foundation there that is bedrock solid. Try bringing a joint into Singapore, get caught and you will hang. Those guys don't play games.
If you were bored in Singapore, someone had you tied up in your hotel room all week. Singapore is one of the least boring places I've ever had the pleasure of visiting. There aren't enough hours in a week to take in all that it offers. I'll stop, I'm beginning to sound like a travel agent.