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Showing posts with the label “foreign direct investment”

What About Singapore?

Someone has just mentioned Singapore comparing its economic development with some Arab countries. So, I felt I should add a note to an old post . Referring to a capitalist country with a small population  – 2 million in 1970 and 2.4 million in 1980 when  Singapore’s economic development was apace – is not a good way of comparing countries. “ Only 7  years after its independence (1972), Singapore had become a  foreign investment magnet .  More than one-fourth of Singapore's manufacturing firms partnered with or were owned by a foreign entity.  The majority  of the investors came from the United States and Japan.  The country also achieved a  double-digit economic growth rate every year.” For internal and external reasons countries like Tunisia (the one my interlocutor compared to Singapore), Morocco, Syria and Egypt did not enjoy such foreign funding.  In 2022, Singapore was ranked 139th out of 180 nations by  Reporters Without Borders  on the global  Press Freedom Index .  Freedom