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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore. Singapore (CNN) – Singapore may rock when economic crises hit Europe or the U.S., but it is well placed to come through turbulent times, Piyush Gupta, CEO of DBS bank, told Richard Quest. “Singapore gets buffeted quite widely,” he said, as its economy is closely correlated with the fortunes of the U.S., Europe and, to a degree, China. The CEO of the Singapore-based bank since 2009, Gupta believes that the way the Singaporean government guides industry makes the city state more resilient than many. “You try and build resiliency so that the ups and downs, while they are sharp on an average cycle, keep Singapore progressing well,” he said.
“The way the Singapore government does it is not by fear; it’s not a Soviet-style way of command control. The Singapore model uses market forces…to encourage industry to march to a particular rhythm.” As a 30-year veteran of the banking industry Gupta thinks that perhaps Singapore’s approach could be a guide for others during unpredictable times. “The last five years have taught us that every economy in the world needs to use some degree of market leavers and not just leave everything to market forces.” CNN’s Outlook series often carries sponsorship originating from the countries we feature. However CNN retains full editorial control over all of its reporting. |
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Singapore is an awesome place, clean, good economy, great standard of living, highly safe, you can walk on the streets at 3am and be completely fine. Only wish our own idiot politicians in the States were half as efficient.
Singapore is an example for us all in efficiency, culture, and good governance. If Singapore were larger, they would easily be a major world player. Even now they are. Much respects from India.
As an American/Australian, I wish my two countries would study the Singapore model more closely in terms of economic and business management as well as its zero-tolerance policy towards anti-social crime. It's wonderfully liberating to walk around a major world city any time of the day or night and not be worried about becoming a victim of crime. Clean streets and public bathrooms and AWESOME FOOD at every turn too! Can't wait for my annual visit next month.
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It's pretty simple – Singapore gets away with immigration and racial profiling restrictions that USA and Europeans could only imagine in their wildest, tea-party conservative dreams. Politically correct? Hey, it's their country, and the principal criteria for residency is having an astronomical bank account and living quietly. Yes, littering is a capital offense, but I guess that's how you keep order. Yes, minorities live there, but they're called guest workers and they can have their visa pulled for too many bad moods. There's no B.S. – you screw up, you're history. America says "give me your tired, your poor, your huddled masses ..." Singapore says, "don't even think about it!" According to the postings here, it seems to be working ...
I have lived in North america , Europe , Middle East and South East Asia , YES , Singapore is my favorite transit point. It has Everything and all done according to the safety NORMS. American , Europeans Middle Easterns should visit and learn WHAT IS HOSPITALITY AND CUSTOMER SERVICE AND QUALITY PRODUCTS availability in the market. My family loves Singapore a we are awaiting to visit there for Christmas....
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america is becomming 3rd world with immigration and bad trade policies with china, need to do some ethnic cleansing and get the country back to the 1950's standards for prosperity.
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