Productivity: Singapore's secret to success that goes beyond fighting corruption

Singapore held a pompous and colorful parade to mark the 60th anniversary of its initially not very cherished, but now particularly successful independence.

Most Ukrainian commentators believe that the main reason for this success is the firm hand of Lee Kuan Yew, the nation's founding father, particularly in rooting out corruption. This factor is certainly important in the context of the world's highest economic freedom. But eradicating corruption, while a necessary condition for economic prosperity, is not a sufficient condition.

Let's not forget that 85% of economic growth depends on the growth of total factor productivity. Which, in turn, according to the World Bank, requires first investment, then infusion of advanced approaches, and then innovation.