The price of financial sector's rise

Singapore

THE financial sector has driven Singapore's growth since the 2000s, but over-dependence on the industry has brought many economic and social costs, according to Venkatraman Anantha-Nageswaran, a former banker here.

Singapore's quest for new sources of growth after the Asian financial crisis when it became less competitive in manufacturing had led to the identification of the financial sector as a primary growth driver, said Dr Venkatraman, who was speaking at the 22nd Singapore Economic Roundtable on Tuesday,