The writer is an FT contributing editor
Singapore is a poster child for fiscal prudence. It almost always runs a budget surplus, and its constitution virtually prohibits borrowing to pay for current spending. All three major credit rating agencies assign it triple-A ratings, and the IMF judges its sovereign debt risks to be low.
But the country also has a whopping ratio of debt to gross domestic product — around 170 per cent. By the end of the year it will be the third most indebted nation on the planet. Are there lessons to take from the country’s approach to debt? If so, they come from understanding how it has arisen.
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