MPH: Cornerstones of S'pore's success

AGAINST the backdrop of a highly challenging external environment, Singapore is itself going through a significant restructuring process as it tries to transition to a productivity-driven growth model, the outcome of which remains uncertain.

While the recent forecasts of 1-2 per cent growth for the city-state in the near term has added to the mood of pessimism, one should not forget how far Singapore has come in such a relatively short period of time. Indeed, policymakers in many countries remain fascinated by the rapid, sustained and non-inflationary growth experienced by Singapore since Independence in 1965, and are eager to learn appropriate and transportable policy ideas and lessons in development.

So what did the policymakers do right that scripted Singapore's rapid growth and transformation? In a series of speeches a couple of years back, Kishore Mahbubani, dean of the Lee Kuan Yew School of Public Policy (LKYSPP), opined that good governance and strong political leadership were the cornerstones of Singapore's fast-paced growth and rapid industrial transformation. Professor Mahbubani introduced the acronym "MPH" to characterise Singapore's approach to governance: M for Meritocracy, P for Pragmatism, and H for Honesty.