Economic Affairs

Many small nations have big lessons to offer

In today's world, being small is not necessarily a handicap and can be an asset

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We have been conditioned to think that when it comes to economic and social well-being, big countries have an edge. They are often blessed with sizeable domestic markets, natural resources, economies of scale in providing public services, military might, diplomatic clout, a surfeit of skills and a capacity to be self-sufficient in just about anything.

So, why then do small countries, with populations of 25 million or less, limited natural or human resources and a low-key presence on the world stage, comprise 11 of the top 15 economies in terms of per capita income, hold four of the top five spots in the World Economic Forum's global competitiveness index and often have the best education and healthcare systems in the world? How have they managed to make virtues of their many limitations?

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A version of this article appeared in the print edition of The Straits Times on February 19, 2020, with the headline Many small nations have big lessons to offer. Subscribe