Country of the Month: Singapore

Why Singapore? Where IS Singapore? Singapore is not a country whose name is on the tip of most Canadians' tongue. Perhaps it should be thought of as a modern city-state as it is only 641 square kilometres in size (about the same as Montreal) and has a population of only 3.4 million people. And yet it is a fascinating economic study. Consider the following:

• it has virtually no natural resources

• the value of both its export and imports are more than double the value of its GDP

• even its Economic Development Board acknowledged: "The country's night life was regarded as being the worst in the region — a reputation triggered at least partly by strict laws relating to public entertainment and censorship."

And yet,

• its per capita GDP in 1997 in US$ was $15,467. Canada's was $16,525 (UN Human Development Index)

• it has virtually "full employment"

• the Swiss-based World Economic Forum (WEF) ranks it #1 (for the fourth consecutive year) in its Global Competitiveness Report (Canada was ranked fifth)

• The Heritage Foundation's Index of Economic Freedom ranked Singapore second in the world (behind Hong Kong; Canada was ranked 14th)

• in 1999, Singapore topped Fortune magazine's ranking again as the Best City in Asia for Business

• Singapore has been the world's busiest port in terms of tonnage since 1986

• there has been only 1 minor strike in the last 15 years

• the UN Human Development Index, which ranks Canada first in the world, places Singapore in 22nd position but notes that it has made faster progress in improving its rating since 1975 than any other country in the world

So ... Singapore is worth investigating. (So, too, may be the sources of the rankings.) Singapore offers an example of an highly planned economy based on a "tripartite" relationship between government, business, and labour.

For general background information (including a map), see the following third party sites, which are listed from least to most detailed:

• World Fact Book (www.theodora.com/wfb/singapore_economy.html) offers a map and economic information as of 1995.

• Singapore (www.emulateme.com/content/singapore.htm) provides general information up to 1997—8.

• Asia-Pacific Economic Co-operation (APEC) (www.apecsec.org.sg/member/singec_report.html) offers more current and detailed information up to 1998.

• U.S. Department of State: Background Notes (www.state.gov/www/background_notes/singapore_0899_bgn.html) is current and provides lots of detail.

If you wish Canadian sources and details of the Canadian connection, these two links from Canada's Department of Foreign Affairs and International Trade should be helpful:

• Republic of Singapore (www.dfait-maeci.gc.ca/english/foreignp/common/singape.html) provides a map and other information as of 1998.

• Country Background (www.dfait-maeci.gc.ca/geo/html_documents/76139-e.htm) is particularly good for trade statistics.

• Fact Sheet—Singapore (www.dfait-maeci.gc.ca/asia/singapore/76114-e.htm).

The following are sources originating within Singapore itself:

• Statistics Singapore (www.singstat.gov.sg/PRESS/econ.html) presents a complete array of current data and some comment from the Singapore Ministry of Trade and Industry.

• Singapore Economic Development Board (www.sedb.com.sg/index1.html) offers the "good news" about the economy (as anyone would expect from a development board). Be sure to click on the Why Singapore link and then on the What Others Say link where you will find a list of rankings of the country's economic prowess, which is well beyond those mentioned earlier.

Now, what about those rankings? Finding out about them, what they measure, and what they mean is at least as interesting as the economy of Singapore. They also offer a unique opportunity to evaluate normative (that is, value-laden) economic studies wrapped in the aura of statistical analysis. The results of these studies are informative. But just as important—perhaps even more important—is understanding the criteria each study uses to reach its conclusions. The sites below are those from which the Singapore rankings mentioned at the beginning have come. They will provide you with details about the conclusions and the criteria on which they are based.

• U.N. Human Development Index (www.undp.org/hdro/report.html) will take you to the Report's content listing where the Monitoring human development link should be checked.

• Global Competitiveness Report (www.weforum.com/publications/GCR) is produced by the World Economic Forum. Click on the Competitiveness Rankings link for the overview, or scroll to the bottom of the home page to Sample Country Profiles and click on Singapore. This will take you to two pages of a pdf file that gives you Singapore's overall ranking in 8 different categories, key facts, and Singapore's National competitive balance sheet, which classifies 70 criteria into the assets and liabilities of the economy.

• Index of Economic Freedom (www.heritage.org/index/) is a co-production of The Heritage Foundation and The Wall Street Journal. It uses 50 variables grouped into 10 economic factors to determine the "economic freedom" ranking. Check the Executive Summary, Methodology, and Charts links for details.

• The World Competitiveness Yearbook (www.imd.ch/wcy/index) is produced by the International Institute for Management Development, which describes itself as an independent, non-profit foundation located in Lausanne, Switzerland. Review the Scoreboard 1999, Input Factors, Methodology, and List of Criteria links to learn its conclusions and how they were determined.