Singapore’s Multifaceted Strategy of Sustainable Benchmarking

Abstract

This paper aims to present the effective convergence of state governance and business leadership through the example of Singapore. To synthesize the multidisciplinary theoretical background with its practical implementation, we performed the research and data collection process according to the guidelines of the PRISMA 2020 protocol. We examined the application of various business management strategies in the public administration sector in the pre-Covid era compared with the period starting from the outbreak of the coronavirus pandemic in early 2020. As a result, we found that the cumulative ripple-down effects of the complex health, economic, energy, and food crisis required a mixed approach. In this regard, the innovative and resilient Southeast Asian city-state has applied a determined but adaptable strategy to maintain its high degree of welfare and wellbeing without compromising financial sanity, sustainability, and overall security. In addition, creating shared value for all citizens and future generations appears to be paramount, which underlines the necessity for modern policymakers to have a partly entrepreneurial mindset, putting Singapore anew in a benchmark position.