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FX moves to centre stage

Sovereign wealth funds

Sovereign wealth funds

An in-depth look at the state-owned sovereign wealth funds that dominate the attention of the world's financial markets

June 2004

Singapore gets Goh ahead for hands-off government




Glittering skyscrapers, air-conditioned malls, manicured lawns, litter-free boulevards, and a law-abiding population... It is hard to believe that 200 years ago Singapore was a disease-ridden backwater populated by fisherman and pirates. And just 40 years ago the island state was racially divided, lacking in resources and reliant on unfriendly neighbours for food and water. Singapore?s transformation into a thriving global financial centre, however, is not a result of natural evolution. Rather, its leaders have approached it as a carefully thought-out project. What Singapore has lacked, it has simply created ? it?s ?a man-made miracle?.

In 1971 the Ministry of National Development undertook to ?optimize every square inch of scarce land resources to stimulate Singapore?s economic growth and improve the quality of life for all Singaporeans?. Shipyards were transformed into residential areas, skyscrapers sprouted, restaurants and bars opened, parks and gardens were planted, a vast tropical tourist resort...


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