Singapore has a big credit signature, with a fivefold increase in credit since 2000. But Singapore is a financial center and so is constantly investing in places outside of itself. Much of its “private credit” is wrapped up in foreign economies. Additionally, Singapore has a government investment agency—Temasek—that is responsible for funneling a lot of the city-state’s money into projects abroad. Factor those items out and the picture doesn’t look all that bubbly.
