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How much has the SPC contributed to Singapore's economy? How much have foreign oil, chemical and electronics companies contributed to Singapore's economy?
by taffer 7y ago
How much has the SPC contributed to Singapore's economy? How much have foreign oil, chemical and electronics companies contributed to Singapore's economy?
- eru 7y agoThe comparison that comes to mind is Brunei, which had much more oil and did much better than Singapore up to the 1970s, but was mostly closed to outsiders. Singapore's success mostly rested on inviting foreign companies. I suspect Singapore got away with some state owned companies for a few different reasons. Partly, because Singapore is so small, they can not afford to run too many inefficient state owned companies. So there's skin in the game. Partly also, because they seem to have had unusually competent administration. Also keep in mind, that even with all the state owned companies and government added together, the public share of GDP is much lower than in most western countries. I said somewhat flippantly that you should look at Singapore for a guide. After their sudden independence, Singapore itself looked towards Hong Kong for guidance.