Recently, The Economist came out with a crony-capitalism index, which finds Singapore ranking 5th out of 23 countries. The ranking is based on crony billionaire wealth versus GDP. Crony billionaire is defined as those who engage in rental and exploitation economy, or in short, being an economic parasite.
Singapore’s unusual human development index ranking of 23 does not help the country to progress either. Today Singapore does not have the characteristics of a defining country with a real government and people and system.
The island has had no free press, no right to free speech, expression or assembly, no transparency for fifty years. Its media is ranked 154th in the world and the credibility of economic news has always been in doubt. The Singapore government does invest much in international ranking and statistical bodies to gain a favorable rating in international rankings. The policies and rules favor the elites and cronies.
Many Singaporeans have openly made their refusal to have any children on the island or they have migrated abroad for a better life. Singapore has the lowest birth rate in the world, the largest aging population and the world’s highest rate of migration.
They are doing it by simply disappearing through not having children, dying and emigrating. The ruling business empire then imports foreigners of dubious credentials into Singapore to make up for the shortfall. But these foreigners have created more problems than benefits.
Another glaring observation is Singapore’s penchant to patronize their third world South-East Asian counterparts in lucrative business deals, putting Singapore at risk of economic loss in unwise investments.
The cronies and elites are now in the business of making money off citizens and foreigners while many natives continue to suffer from low wages and inadequate support for education, healthcare and retirement. A good example is this writer who made a complaint on the government website REACH, revealing that cleaning companies are jacking up cleaning fees by 100% at Maxwell Market (Cleaning fee to be doubled for wage increase?):
Is the cleaning business monopolized by a few big boys who control/suppress wages? And who are now taking the opportunity of wage pressure to sustain their high profitability?
I think NEA can do a better job by being more professional in inspecting these cleaning companies which earn millions of dollars worth of cleaning contracts but yet are not effective.
Hawkers used to clear their own stuff and were warned/fined directly by the authorities/associations if the place was dirty.
I urge NEA to review and change the current system of NEA controlled cleaning contracts. And let the respective hawker centres, with their own management committee, manage their cleaning options.
Singapore today is a private company managed by private individuals. Foreign investors should not put too much faith in the system as the system does not have a real functioning government but a giant private entity and dwindling number of citizens. The influx of a foreign parasite population means more business risks for investors as the economy is subject to mass exodus scenarios.
Perhaps it is time for foreign investors to reevaluate Singapore’s economy as the signs of a crumbling business empire emerge.
Wee from Downunder