The Rhetoric
“GLCs added only 12.9% to the Singapore economy, says BG Yeo. Smaller companies need not worry about being edged out.”
– Straits Times, February 24, 2001“…there is a perception that GLCs dominate our economy…This is not correct.”
– MTI Minister George Yeo, Straits Times, Feb 24 2001The Reality
“The government external economy constituted more than 50% of the total external economy in 1998. If one takes into account the GLC-owned external economy, then the government share balloons to some 60%. Foreign MNCs accounted for 29% whereas the local private sector (excluding GLCs) owned 11%. It is therefore clear that if the government and GLCs fail to secure a good return on their external economy, the performance of the economy overall would be adversely affected.”
– Morgan Stanley report “Singapore’s Investment Abroad 1997-1998”“GLCs have evolved into major economic institutions that account for over 60 percent of Singapore’s GDP.”
– US Embassy in Singapore economic report Sept 2000“GLCs estimated contribution to GDP in 1998 of 12.9 per cent was not insignificant.”
– Singapore Department of Statistics, March 2001