More Asean engagement could make Singapore the world's richest country: DBS

Investing in regional integration could help Singapore become the world’s richest country by 2030, according to a new economics and strategy paper from DBS.

Gross domestic product (GDP) growth may rise to between 3 per cent and 3.5 per cent on a sustained basis, suggests the “Singapore in 2030” report, which would give the Republic the highest GDP per capita globally - up from third place today.

Besides adopting new technologies, Singapore would also have to take on an energetic role in regional and international markets, the DBS research team says.

ASEANBUSINESS takes you through the report’s key points:

• Room to grow. Singapore has “relatively limited” exposure to Asean when it comes to non-oil domestic exports - with the South-east Asian market steady at around 20 per cent for 15 years - as well as outward direct investment.
• New paradigms. New technologies and business models can help Singapore companies scale beyond the country’s shores, supported by government efforts and risk-taking capital markets.
• Key role. Singapore’s geographic location between India and China, as well as its capital and knowledge, could make it “a regional conduit of business, finance, and talent flow”. This might involve more active engagement in the regional bloc, such as setting up new funding vehicles to boost capital deployment in South-east Asia.

The report remarks: “Regional integration is a win-win for Singapore, and it should take a leadership role in the region to facilitate it.”