International Herald Tribune
20 May 2008
Tightly-controlled Singapore needs to loosen up restrictions to allow more innovation so that it can remain competitive in the long-term, a top World Bank official said Tuesday.
World Bank Managing Director Juan Jose Daboub praised the tiny Southeast Asian nation for its economic success but said it needs to strike a right balance between social order and stability to allow more innovation and creativity to produce high-value goods and services.
"It has been said that in the United States, you can do a U-turn anywhere except where a sign forbids it, while in Singapore, drivers can only do a U-turn where a sign permits it," Daboub said at a lecture at a university here.
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