Singapore offers a viable economic strategy that Wales can adopt if it wishes to pursue independence.
On Thursday 17 January 2024, the Independent Commission into Wales’ Constitutional Future published its long-awaited report, outlining three possible models for the future governance of the country: increased devolution, federal structure and independence.
The Committee refrained from advocating any particular option for Wales, but rather outlined the advantages and disadvantages, risks and opportunities inherent in each option. The report sparked widespread debate among politicians and the wider public about the future of governance in Wales. In particular, the debate on independence focuses on the economic impact of such a course.
Discussions of Welsh independence often draw comparisons to the Republic of Ireland, particularly in terms of economic circumstances. Since becoming a Free State in 1922, Ireland has experienced impressive economic growth and established itself as one of the richest countries in terms of GDP per capita. Nevertheless, the trajectory of our Celtic neighbor’s economic prosperity was marked by a long journey.
A pertinent but sometimes overlooked example of the economic potential of an independent Wales is Singapore, which has a population of 5.5 people. a million.
In the early 1930s, the Irish economy was facing the aftermath of the War of Independence and the ensuing civil war. During this period, Airmon de Valera served as Taoiseach and implemented economic policies aimed primarily at rapid job creation for the domestic market and the gradual development of the indigenous industrial sector. However, the adoption of protectionist measures and adherence to the party’s ideological positions led to a decline in economic activity.
It took more than 60 years for the “Celtic Tiger” to emerge with a mighty roar. It was not until the mid-1990s that the Irish economy experienced a transformative boom. This happened when Ireland embraced an international perspective and seized the opportunity to collaborate with the international community.
Examples of the economic trajectories of newly independent countries can be seen throughout history and can be observed around the world. A pertinent but sometimes overlooked example of the economic potential of an independent Wales is Singapore, which has a population of 5.5 people. a million.
When it gained sovereignty in 1965, few expected it to survive, let alone thrive. This initial sentiment was captured by Singapore’s first Prime Minister Lee Kuan Yew. said in 1957 He argued that the idea of Singapore independence was “politically, economically and geographically absurd”. It is not difficult to understand why this view was taken. The country had no natural resources or hinterland and was dependent on the outside world for food, energy, and even water. In addition, industrial friction occurred frequently, and the unemployment rate reached nearly 9%. The pursuit of independence therefore involved significant challenges and potential economic losses.
The shocking birth of independence forced the government to make two crucial strategic decisions. The second is a concerted effort to promote export-led industrialization by moving away from import substitution, and the other is to attract global multinational corporations as a means of achieving industrial growth. These two decisions turned out to be among his most important in the economic history of this country.
The first two decades of Singapore’s independence laid the foundations for strong economic fundamentals, characterized by sound public finances, sound monetary policy, cooperative industrial relations, an outward-looking orientation, and a market-based strategy. Initially, Singapore’s GDP per capita was on par with Mexico and South Africa. However, the fruits of his strategic economic approach began to become apparent by his 1990s, when Singapore’s GDP per capita exceeded that of South Korea, Israel, and Portugal. By 2015, it had caught up with Germany and the United States.
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The twin strategies of prioritizing exports and aggressively attracting foreign direct investment gave Singapore a decisive advantage at a time when few other countries were doing the same. But this was an advantage that the country needed to work hard to realize. Among other efforts, the government developed industrial land, improved infrastructure, reformed labor laws, and invested in basic education with an emphasis on technical skills related to industrialization.
There are many lessons Wales can learn from Singapore, which secured its independence from its larger and more powerful neighbour. Singapore’s success is partly due to its strategic efforts to foster knowledge creation and develop skills that meet the demands of a knowledge-based economy and enable it to remain competitive in an interconnected global landscape. It looks like this. A key determinant of success in a knowledge-based economy is the continuous generation and acquisition of knowledge by employees. Emulating Singapore’s economic performance will require concrete efforts in Wales to build and deepen skills at all levels across the country. This includes facilitating access to education through both traditional on-campus and distance learning, and ensuring that new knowledge is available not only to educators, but also to already employed workers. is needed.
Singapore’s continued restructuring and resilience, driven by innovation and social cohesion, provides lessons for Wales in driving economic growth and adapting to the challenges it currently faces.
But the contribution of an educated workforce to Singapore’s success is also part of the story. This country is a story of continuous restructuring, driven by a culture of innovation, resilience and cohesion. Today, Singapore boasts a highly skilled, productive and motivated workforce, driven by its culture and constantly adapting to new technologies, with deep skills. Singapore has faced and overcome numerous challenges, including those arising from globalization, technological advances, an aging population and climate change. Strength is not about protecting yourself from a crisis, but about coming back from it stronger and more resolute. This was achieved because our people continued to work together and stay united, and because good people did their part for those less fortunate. This reflects volunteerism, as well as a willingness to pay higher taxes to support an aging population. – A general tendency to help each other – it is deeply rooted in Singaporean society and forms the basis of the deeper social cohesion that binds the country together. According to the National Volunteer and Charity Center (NVPC), one in five Singaporeans volunteered in 2021, down from 35% at her peak in 2016. decreased. The Welsh Government should adopt a similar approach by prioritizing social cohesion, developing effective policies and funding initiatives to better support local community needs. I can.
The example of Singapore, with a population of 5.5 million, illustrates the transformative power of strategic and economic decisions taken on the path to independence. Singapore’s continued restructuring and resilience, driven by innovation and social cohesion, provides lessons for Wales in driving economic growth and adapting to the challenges it currently faces.
Many of the economic strategies implemented by Singapore and the Republic of Ireland could also be adopted by the Welsh Government given the current state of governance in the country. If Wales pursues one of the three options proposed by the independent commission, it will need to be open and outward-looking, with a workforce ready to take advantage of the opportunities the world has to offer. Investment in education at all levels, including both traditional and distance learning, as well as a focus on citizen co-operation and volunteering as essential elements of economic success, will ensure that Wales will prosper, regardless of the independent commission’s choices. It suggests an approach that should be emulated in the pursuit of decide to pursue it.
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