Singapore celebrates its golden jubilee

GURGAON, India - Sept. 7, 2015 - PRLog -- Singapore celebrated its golden jubilee as one of the world’s developed economies. Following the death of founding father Lee Kuan Yew and the current global economic headwinds, can economic momentum be maintained? Japnit Singh, Senior Director, Singapore and India, of Spire Research and Consulting shared his insights in China Daily – Asia Weekly.

Singapore has successfully built a strong foundation for its economy with human development indicators such as education, life expectancy and per capita income on a positive high.

Singh cautioned that the nation needs to focus in order to take bold and productive political decisions without becoming complacent. Moreover, it would be interesting to see if the next generation of political leaders would take difficult decisions with the same firmness and transparency as the founding fathers have done in the past.

Singapore’s GINI coefficient – calculated as the ratio of income of the top 20% of population with the bottom 20% – is the third highest in Asia. Singapore has concentrated on wealth creation thus far. Distributing this wealth more equally among its citizens should be the next objective. Singh opined that access to education and skill development would help to curb rising income disparity.