CONTRARY to what many imagine about affluent Singapore, the economy is not all about banks and shopping malls. Manufacturing and industry account for about 30% of the country’s GDP, a strikingly high figure for an advanced economy. In Britain and France the figure is about 12% and in America even less. Nor is it all about sophisticated multinationals: three-fifths of Singapore’s economy is made up of small and medium-sized enterprises (SMEs). The government is proud of the mix of big and small, manufacturing and services, which has helped to spread risk during global downturns.
Now the model is under strain. While other South-East Asian countries have posted impressive, even record, rates of growth over the past few years, Singapore has struggled. Full story
