The Republic’s achievements over the last six decades have been the collective effort of government agencies, multinationals, home-grown companies, financial institutions and SMEs

ON JUL 7, 2003, Time magazine published an article headlined “The Lion In Winter” that scrutinised Singapore’s economic prospects and asserted that “after years of prosperity, Singapore’s economic formula for success is failing”.

The article questioned whether the wealth accumulated over four decades of hard work and efficient planning could dissipate as rapidly as it was amassed.

Singapore’s GDP per capita then was among the highest in the region, at about US$22,000. But in 2003, the year the article was written, the Republic was in the throes of the severe acute respiratory syndrome (Sars) outbreak, a global pandemic which wreaked havoc on economies worldwide.

By one estimate, the Sars crisis cost the world economy US$40 billion, with damage to travel-related sectors exacerbated by the interconnectedness of global economies through trade and financial linkages.

As we celebrate SG60, it is encouraging to look back at how Singapore emerged from that “winter”, and is now recognised as one of the world’s most innovative countries, a financial powerhouse and wealth management hub, a high-value-added manufacturing centre, as well as a global hub for logistics, trade and transportation, among other distinctions.

This special supplement spotlights the contributions of several government agencies that worked hard behind the scenes to make that happen: the Economic Development Board (EDB), Agency for Science, Technology and Research (A*Star), and DesignSingapore Council, established in 2003 to foster intentional design thinking as a means to drive growth and economic success.

https://www.businesstimes.com.sg/singapore/bt-sg60/sg60-many-hands-behind-singapores-success-story