Good governance: The secret sauce to Singapore’s economic, political stability

Singapore's export-oriented economy is a blueprint for developing countries

Writing for Dawn, Seyyda Taskeen Abbas Naqvi talks about Singapore, a small island nation in Southeast Asia, which in recent years has managed to establish itself as a developed nation with a strong economy, despite not having any natural resources. 

Its success can be attributed to several factors, including its emphasis on education and human capital development, creation of a business-friendly environment, strong social protection system, and good governance. These strategies can be adapted by other developing countries, such as Pakistan, to achieve economic growth and social prosperity.

To follow in Singapore’s footsteps, Pakistan needs to invest in education and human capital development, providing financial assistance programs and professional development opportunities to promote STEM education and prepare students for the future economy. It also needs to create a business-friendly environment, encouraging public-private partnerships and simplifying business registration processes.

Pakistan can develop an export-oriented economy by investing in appropriate infrastructure, trade facilitation, and education to support industries such as textiles, minerals, and energy resources. It also needs to prioritize social protection by implementing a comprehensive social protection system and encouraging citizens to save. Strengthening governance and combating corruption are also crucial steps towards achieving economic growth and social prosperity.

By taking these actionable steps, Pakistan can harness its natural resources and boost its economy while providing universal social protection to its citizens, just like Singapore.

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