Singapore’s economy has been gauged as being the most open, innovative and competitive economy in the world by the Global competitiveness Index (2009-2010). The 2011 World Bank Ease of Doing Business Index ranks Singapore as the best country in the world to do business. In 2010, Singapore, with a real Gross Domestic Product (GDP) growth of more than fourteen percent was the third fastest growing economy in the world. None of the above statistics have been bettered by any of Singapore’s other south-east Asian neighbours.
So can Singapore’s Economy be called the Tiger of South-East Asia? Its true that a tiger may not possess the title of “king of the Jungle” – that goes to the lion. However, the majesty of the tiger does not depend on titles, territorial dominance or the like – It is the most favoured symbol of soldiers, warriors and kings because of its ability to fight like no other being on earth can. In a similar vein, though Indonesia (the only south-east Asian country that can be, practically speaking, said to be a competitor to Singapore) may be a part of the G-20 group of major economies while Singapore is not, it is in no way a valid indication of any form of supremacy over the Singapore economy. The economy of Singapore is a unique fusion of government intervention in micro-management and active protection of the principles of free market so unique in its nature that it is called the “Singapore Model”.
An economy acclaimed to be the most clean, market friendly and corruption free; a unique and ingenious economic model tailored for its own needs; an economic model that has withstood with an awe-inspiring stubbornness the 1997 Asian financial crisis and the 2008 global financial meltdown and bounced back in a manner even more astounding-both times; a competition forced to trumpet the most minor leads as major victories- markings of a tiger if ever there was one.