The Huffington Post, 17 Apr 2009, Sheldon Filger
he city state of Singapore, Venice of the 21st century in terms of its mercantile prowess, has as its national anthem the refrain, "Onward, Singapore." With the data that has recently emerged on the Q1 performance of Singapore's economy, however, it may be time to change the national anthem to "Backwards, Singapore." The numbers are that bad.
This tiny Island republic, sitting at the tip of the Malay Peninsula, covers only 274 square miles, with a population of under five million. Yet through innovation, industriousness and the entrepreneurial environment facilitated by a pro-business if somewhat authoritarian government, Singapore has become a powerhouse within the global economy. Indeed, no less an authority than the World Bank has graded Singapore as the most business friendly economy in the world. However, amidst the tectonic shifts occurring as a result of the Global Economic Crisis, Singapore has discovered that it is an exceptionally vulnerable and fragile geopolitical space.
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