It’s an unevenly distributed growth in my opinion and the unemployed and struggling families are certainly not benefitting. Anyway you can read about it here.
What’s fueling the hyper growth? The country’s government loosened a 40-year-ban on gambling, commissioned two casinos complete with hotel, shopping and restaurant complexes — and a Universal Studios. The first casino opened in January of this year, followed by a second in April. Already, the $10.2 billion initiatives are paying off; the casinos attracted more than 3 million visitors by June. Coupled with a buoyant pharmaceuticals industry and an increase in global financial institutions setting up shop in Singapore, official government estimates put 2010 growth at 13% to 15%.
How can we even boast about this kind of growth…tsk tsk it’s embarassing! Not that I have any issue with the casinos making money, but these type of growth should be taken out of the real economy growth.
I totally agree!