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East Asia and Pacific

The Singaporean Economy: Lessons for Post War Sri Lanka

Chathurika Hettiarachichi's picture

“There was no secret, we had no choice but to take chance and sail into rough waters”- Lee Kuan Yew

Singapore is an inspiration to Sri Lanka and other developing countries in terms of economic development, political stability, and good governance. Since 1967, it has increased its per-capita purchasing power (PPP) 10-fold to $44,600 in 2007, surpassing countries such as Switzerland’s PPP ($37,300) in 2007. Singapore also has high demographic development compared to Sri Lanka even though both countries were about even in 1960s. The President, Lee Kuan Yew, navigated the Singaporean economy after gaining independence in 1965. With a population of over 5 million, Singapore maintains a market driven guided economy with diversity in cabinet and government.

What was their secret to success?

At independence in 1965, the economy was met with unemployment problems, an unskilled workforce, few entrepreneurs, no domestic savings, wretched housing conditions, militant labour unions and racial riots. They devised a strategic economic plan; developing entrepot (commercial) trading, export driven manufacturing, and then creating a service based knowledge economy.

The Last Ones To Understand Water Are The Fish

Naniette Coleman's picture

My norms and values are not subtle.  They are time tested, “fact” based and I grip them with the strength of a vice.  I am no different from others; we all value some things, look haltingly at others, and better still refuse to consider the norms and values of some.   We all want to be open, malleable to others views but do not always know how to do it.  Norms and values take on particular importance when we are working to build coalitions with others who do not share our way of looking at things. Minor differences suddenly seem larger than they actually are when we face compromise battles with others.   

Making Educational Investments Grow: Lessons Learned from Korea and Mexico

Christine Horansky's picture

Like plants in a garden, investments in education need certain environmental conditions in order to flourish.Investments in education and human capital have long been recognized as precipitators of future economic growth. Rapid development in Korea in the second half of the 20th century, for instance, has been traced by scholars back to high levels of investments in schooling and training, creating the enabling environment for industrialization and further specialization.

There is no doubt that commitment to education for economic development requires both long-term funding and the multiplying effects of time.

But what causes countries with similar levels of sustained spending to achieve vastly different outcomes? It's a question that burns in the minds and wallets of governments and development efforts around the world.

Does the chance to access information carry a duty from those who ask?

Victoria Minoian's picture
Accessing information is a right that comes associated with—at least—the homework of reading, studying and understanding such information. (February 2010, World Bank booth at Library Week in Vientiane, WB photo)

Segregated, Ghettoized, Polarized and Insular? Who, Me?

Naniette Coleman's picture

A few weeks ago David Brooks, Op-Ed Columnist for the New York Times, unearthed the roots of an important discussion that began with Cass Sunstein’s 2001 essay entitled “The Daily We: Is the internet really a blessing for democracy?” Brooks’ take on Sunstein branches in two directions:  tension and composure. Tension because “the internet might lead us to a more ghettoized, polarized and insular electorate”. Composure due to recent work by Matthew Gentzkow and Jesse M. Shapiro called “Ideological Segregation Online and Offline” which presents a different take on our what Sunstein called “personalization”. 

The Service Revolution

Ihssane Loudiyi's picture

by Ejaz Ghani

China and India are both racing ahead economically. But the manner in which they are growing is dramatically different. Whereas China is a formidable exporter of manufactured goods, India has acquired a global reputation for exporting modern services. Indeed, India has leapfrogged over the manufacturing sector, going straight from agriculture into services.

Development Marketplace Honors Earth Day

Tom Grubisich's picture

Sustainable development has been one of Development Marketplace's themes since its beginning 10 years ago.  It's hard to count all the DM winners and finalists who have come forward with innovative "green" ideas that they wanted to share.  Just a few examples:

One of the winners in DM2007 -- themed "Health, Nutrition, Population" -- was a Massachusetts Institute of Technology-sponsored project to develop clean-burning cooking charcoal from agricultural waste.  Haiti's traditional cooking fuel often comes from wood.  But wood burning produces high pollution that is a cause of widespread respiratory disease.  Substituting charcoal for cooking not only improves the health of Haitian families, but also means fewer trees -- a major protection against soil erosion -- are cut down.

A pivotal moment in the World Bank's history

Peter Stephens's picture

These Spring Meetings will probably be remembered for the capital increase – the first in 20 years – and the historic changes to the voice and representation of developing countries within the Bank. They are important milestones, and deserve to be recognized. But something much more profound is happening within the Bank, something that historians will look back on and regard as a pivotal moment in the organization’s evolution.

The key to understanding what is underway is Mr. Zoellick’s speech to the Woodrow Wilson Center on April 14. This was probably the most important speech by a Bank president since McNamara’s Nairobi speech of 1973 – even more important, I would argue, than Mr. Wolfensohn’s 1996 speech on corruption.  For the first time in many years, the Bank is at the leading edge of thinking about global trends. Mr. Zoellick’s blunt declaration that the era of the Third World is over and a new, more complex arrangement is emerging, challenges everyone at the Bank and everyone working in development to think and act differently. It sets in context why the reforms underway across many areas of the Bank are really necessary, why we need a new approach to investment lending, to knowledge, to our location and operation as a global bank. 

Peter Stephens on World Bank Reform

The end of the Third World does not mean that there are no poor countries, or that all countries are equally advantaged. It means the landscape has changed so much that our thinking and behavior must shift. To think of China, India, Brazil, Mexico, Russia, South Africa and Malaysia as developing countries seems anachronistic. Yes they have poverty and challenges, but… “developing”? They play a regional and global role of real significance. They have civil servants, academics and businesspeople as skilled as (and many more skilled than) World Bank staff. Developing just doesn’t capture it.

World Bank gets capital increase and reforms voting power

Sameer Vasta's picture

2010 World Bank Group / International Monetary Fund Spring Meetings Development Committee Meeting.

At a press conference earlier today, World Bank President announced that the Development Committee approved a capital increase, as well as proposed voting reform for the Bank. In his remarks, Mr. Zoellick talked about how these changes will affect the institution, as well as international development on the whole:

"This extra capital can be deployed to create jobs and protect the most vulnerable through investments in infrastructure, small and medium sized enterprises, and safety nets. The change in voting-power helps us better reflect the realities of a new multi-polar global economy where developing countries are now key global players. In a period when multilateral agreements between developed and developing countries have proved elusive, this accord is all the more significant."

A summary of the changes approved by the Development Committee:

  • An increase of $86.2 billion in capital for the International Bank for Reconstruction and Development (IBRD).
  • A $200 million increase in the capital of the IFC.
  • A 3.13 percentage point increase in the voting power of Developing and Transition countries (DTCs) at IBRD, bringing them to 47.19 percent.
  • An increase in the voting power of Developing and Transition Countries at IFC to 39.48 percent.
  • An agreement to review IBRD and IFC shareholdings every five years with a commitment to equitable voting power between developed countries and DTCs over time.

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