Singapore is shifting its growth model from population-driven to productivity-driven expansion, while maintaining its status as an innovative trade and financial-services hub to diversified export markets. Finance minister Tharman Shanmugaratnam has played an overarching role in the city-states economy and serves as the regions statesman on the international stage.
"He is a thoroughly impressive policymaker, who is tremendously knowledgeable about economic affairs"
- Citi's Michael Zink, head of Asean and chief executive officer for Singapore
The emerging world is doomed to capital-flow instability unless the Fed takes into account financial volatility in high-growth regions in its monetary policy, Tharman Shanmugaratnam, finance minister of Singapore, tells Euromoney. He also calls on the IMF to provide greater guidance on capital controls and for Asian policymakers to introduce market reforms, as the summer sell-off rekindles the debate about how to stabilize emerging financial systems.
Singapore matters. The city-state continues to blaze a trail for the region by shifting its growth model in favour of productivity, securing its presence at the top level of international financial diplomacy. Tharman Shanmugaratnam, Singapores finance minister and Euromoneys Finance Minister of the Year 2013 outlines his reform agenda and issues a sharp warning on reform inertia in the region, Chinas growth model and destabilizing capital flows.