Singapore ought to loosen up a bit for business, innovation

Hong Kong

FIFTY years is not long in the history of nations. The period of Singapore's existence as an independent state would be just a few chapters in the chronicle of most countries. Yet as the South-east Asian city-state marks its golden anniversary, citizens will have genuine cause to celebrate past achievements - and contemplate future change. It is time to loosen up a bit.

In five decades, Singapore has achieved a level of prosperity unimaginable when Malaysia expelled the tropical port in 1965. Output per head of population has grown by more than 9 per cent a year to more than US$56,000 in 2014 - similar to the United States. As larger neighbours have lurched from political turmoil to economic crisis, the nation with little land and no natural resources has been a relative haven of stability and rising wealth. Gross domestic product (GDP) trebled between 2000 and 2013.