Twenty-four years ago Professor Michael Leifer at the London School of Economics published a well-written little book entitled Singapore’s Foreign Policy: Coping with Vulnerability.

Singapore, 59 years after independence, is now a super billionaire. The first three leaders have done a remarkable job (“Wong sworn in as Singapore prime minister”, Report, May 16). However, the city-state is still suffering from a lingering sense of vulnerability.

The geopolitical balancing act is increasingly more challenging. During the past six decades Singapore has had a few politicians with a talent for foreign relations. However, international affairs gurus are different from economic and financial experts. At the moment, such politically savvy all-rounders are conspicuously absent among the well-educated young leaders.

Since the election in 2011, cabinet ministers have been increasingly aware of the risk of losing a lucrative job and the entire political future on ballot day. The forthcoming election — which has to be held by November 2025 but may now be brought forward to this year — is a major challenge for the new leader, especially when the goods and services tax — similar to VAT in the UK — is now at 9 per cent compared with a mere 3 per cent three decades ago.

So the late LSE professor Leifer was right. Despite the huge piles of wealth and six decades of nonstop success, Singapore is still coping with vulnerability.

Khaw Wei Kang
Macau

Copyright The Financial Times Limited 2024. All rights reserved.
Reuse this content (opens in new window) CommentsJump to comments section

Comments