Question

Is Singapore a valid model for other countries, or does its status as a city-state make it relevant only to other small city-state entities (Hong Kong and Dubai being two obvious cases)?

Question from Chapter 7, International Business: The New Realities (Australian Edition)

Answer 1

Singapore stands as a country to look out for in terms of the huge economic leap it witnessed over years, with least amount of corruption and best educational and bureaucratic system but it cannot be regarded as a model country for other countries in the world due to the below reasons -

1. The country's population is very less and so is the size of the country in terms of area which cannot be replicated to other bigger countries.

2. The country's culture and its productivity driven business model which is difficult to apply in foreign countries.

3. The timing of the country's growth and the scope for economic development which is difficult to achieve now considering the economic dependency among the various countries.

4. The urban atmosphere of the country cannot be replicated to other countries where majority of the people live in rural areas and are dependent on agriculture, fisheries etc.