There are so many smaller and readily developing countries that are coming to the forefront of popularity in the world right now. Arguably, Singapore is one of the most economically successful countries in the world, and it’s thriving right now. It’s no wonder really, with its tropical climate, multicultural population and not to mention its global financial centre, that Singapore teaches lessons that a lot of small developing countries can learn from, but why are smaller countries aspiring more and more to be like Singapore? Read on to find out more!
Lessons that Smaller Countries can Learn from Singapore
The lessons that can be learned by smaller countries from the Singapore development model are clear enough to see. It’s been the improvement of its overall governance and strengthening their internal institutions, however, it’s easier said than done. To have the same growth as Singapore has had, smaller countries would need to improve their ruling laws so that there is nobody above the law, regardless of who they are. They also need to reduce corruption as this is massively regressive for countries because smaller and medium-sized firms end up paying more than the larger firms.
This also includes the reformation of public institutions in smaller countries such as civil service, bureaucracy and public administration. They also need to improve their environment and reform their labour markets. However, it’s worth mentioning that reforms such as this only reap their benefits in the longer term, which makes them harder for politicians and policy advocates with a shorter time in mind to set them as priorities, and therefore make them sellable. Without them though, other policy measures can’t fully support sustainable economic growth and will become less effective. This doesn’t bode well for either the economy or the tourism aspect of these smaller countries, which has been equally important in the development of Singapore itself.
The Important of a Country Having Good Governance
The model of governance in Singapore is well recognised around the world. In the past, development theories consisted of the view that economic development came from factors such as the availability of a small country’s natural resources, a lot of focus on high levels of investment and saving, and an openness to foreign trade.
However, it’s been found through research than an additional factor has also got to be the good and effective governance of these countries, which mainly derived from Singapore’s development under Lee Kuan Yew.
Therefore, it’s been discovered that economic development doesn’t just happen, it takes work and a conscious decision from the government to make it a priority. This basically means striving to deliver economic and political stability and having a vision for the said country and following it. This means whatever country it is trying to develop will need a capable, committed and credible government in power that can be entrusted to do the job and do it well. An abundance of natural resources is no longer credible in the development of countries, but rather the way in which a country is governed and the vision that is implanted for the future.
How Tourism Contributes to Countries as a Whole
Tourism in Singapore is a huge contributor to its economy and is furthermore a major industry in Singapore. In 2017 alone, Singapore attracted as many as 17.4 million international tourists, which is actually more than three times the population of Singapore! Singapore has made an effort to make their country accessible for many tourists, with English being one of the dominant of one of it’s four official languages and making sure that transport exhaustively covers almost all of the public venues in the country. As well as this, they’re environmentally friendly, and it has one of the lowest crime rates in the world and is rich in history with many well maintained natural and heritage conversion programmes. What’s not to love?
However, some smaller countries are certainly following suit in the tourism industry. Malta was named THE destination of 2018 to visit, and there is still an ever increasing number of options for Malta holidays becoming available. Back in 2017, almost half a million tourists visited Malta in the first half of the year alone, with the total inbound amount of visitors for June being estimated at an increase 19.4% when compared with June the previous year, which isn’t too bad for a tiny island with a population of 500,000 people! Like Singapore, it’s rich in history and has well preserved its beauty.