Singapore Seen Overtaking Malaysia 45 Years After Lee's Tears
By Shamim Adam - Nov 10, 2010 11:01 AM ET
Forty-five years after Singaporeâs expulsion from a union with Malaysia left Lee Kuan Yew in tears on national television, the economy of the city-state he led to independence is poised to overtake its neighbor.
Singaporeâs gross domestic product will cap its fastest annual growth this year since independence, rising as much as 15 percent to about $210 billion, while the economy of Malaysia, a country 478 times its size, will expand 7 percent to $205 billion, government forecasts show. The nations are scheduled to release their 2010 data by February.
The island that former economic adviser Albert Winsemius once said was considered a âpoor little market in a dark corner of Asiaâ is now ranked by the World Bank as the easiest place to do business, has the worldâs second-busiest container port, and boasts the highest proportion of millionaire households, according to the Boston Consulting Group.
Singapore was kicked out of the union partly because Lee opposed Malaysiaâs affirmative-action policy, which provides special rights to the ethnic Malay majority
http://www.bloomberg.com/news/2010-...a-45-years-after-split-left-lee-in-tears.html
It is like a state of the USA seceding and overtaking the rest of it.
By Shamim Adam - Nov 10, 2010 11:01 AM ET
Forty-five years after Singaporeâs expulsion from a union with Malaysia left Lee Kuan Yew in tears on national television, the economy of the city-state he led to independence is poised to overtake its neighbor.
Singaporeâs gross domestic product will cap its fastest annual growth this year since independence, rising as much as 15 percent to about $210 billion, while the economy of Malaysia, a country 478 times its size, will expand 7 percent to $205 billion, government forecasts show. The nations are scheduled to release their 2010 data by February.
The island that former economic adviser Albert Winsemius once said was considered a âpoor little market in a dark corner of Asiaâ is now ranked by the World Bank as the easiest place to do business, has the worldâs second-busiest container port, and boasts the highest proportion of millionaire households, according to the Boston Consulting Group.
Singapore was kicked out of the union partly because Lee opposed Malaysiaâs affirmative-action policy, which provides special rights to the ethnic Malay majority
http://www.bloomberg.com/news/2010-...a-45-years-after-split-left-lee-in-tears.html
It is like a state of the USA seceding and overtaking the rest of it.
