"... We need to think and act like revolutionaries… We need Singaporeans who can lead the way in creating new wealth for our economy”
Goh Chok Tong
Singapore forms positive trade relationships to strengthen its free-market economy. Guest speaker Alan Chong suggested that the survival of Singapore’s economy exists as the biggest contemporary threat to Singapore’s future. I found this surprising after repeatedly hearing about Singapore’s strong economy and personal branding as a global city. However, after learning about Singapore’s independence from Malaysia, and the economic restrictions of Singapore’s physical size, population and limited natural and agricultural resources, I realised just how important a strong economy must be to Singapore.
Since 1965, Singapore has experienced rapid economic development. Singaporeans have maintained a resilient economy by focusing on the importance of international relations and internal competition. A visit to the Asian Civilisations Museum highlighted Singapore’s precolonial roots in trade. The Museum’s artefacts highlighted how Singapore’s historical memory recognises trade and commerce as integral aspects of Singapore’s story, even for the Singapore that existed prior to the city state we know today. Singaporeans have reaped the benefits of successful trade for centuries, and protecting their nation’s position as a centre for global trade has been an inherent focus for Singaporeans ever since.
By protecting its successful and vibrant economy through risk aversion and cooperation with other economically driven nations through foreign policy, there is no doubt that the Singapore will continue to strive economically. The Australian High Commissioner Bruce Gosper credited Singapore’s economic success to the government’s ability to respond to short term concerns with a focus on long term success. Despite Singapore’s lack of natural resources and size, Singaporeans adapt to changing circumstances through innovation. Innovation is openly encouraged by the State to ensure that Singapore is always moving forward and competing with other nations. I believe that without this positive attitude towards overcoming challenges in order to continuously modernise Singapore’s economy, we would not see such sustained economic growth in this region.