Singapore’s Olympic history took a monumental turn in 2016 when Joseph Schooling won the nation’s first-ever gold medal. This victory was not just a personal triumph but a significant moment for a country that had never before stood atop the Olympic podium in first placing.

To put this into perspective, consider that 57 countries have never won an Olympic medal (as reported by Newsweek). Even Malaysia, with a population of 34 million, has earned a total of 14 Olympic medals but has yet to claim a gold. Singapore's breakthrough in 2016 was more than just a win—it was an inspiration for a nation.

Fast forward to today, on this National Day, August 9, 2024. Singapore stands on the brink of another Olympic milestone, with Maximilian Maeder currently ranked joint 2nd and competing in his final race at the Paris Olympics. His potential victory could once again unite the nation and elevate our standing in the global sporting community.

In Economics, we often discuss the concept of market failure and positive externalities—benefits received by third parties not directly involved in the production or consumption of a good. In the context of sports, our Olympic athletes generate numerous positive externalities. They inspire future generations, demonstrating that even a small nation like Singapore can produce world-class athletes.

As a parent of four boys, I find the dedication and parenting philosophies of these athletes' families deeply inspiring. Watching this video of Maximilian Maeder’s mother, Kwee Heng, discussing their journey, I’m motivated to provide the best opportunities for my children to excel and become the best versions of themselves.

Moreover, our athletes, in their pursuit of Olympic glory, foster national unity and pride. Their efforts go beyond personal achievement; they bring us together as a nation, reminding us of what we can achieve when we support each other.

Recognising the substantial positive externalities generated by our athletes, it is commendable that the government has been increasing support for them in recent years. However, I believe we can do more. Providing additional financial resources and support to our high-achieving athletes would allow them to focus entirely on their training and performance. We could even consider commissioning a study to gather insights from the parents of successful Singaporean athletes on how best to support future generations.

One issue that continues to spark debate is the National Service (NS) obligations for athletes. For those who have brought home an Olympic gold medal, we might ask whether they haven't already fulfilled their duty to the nation. After all, the glory they achieve isn't just a personal victory—it's a triumph for the entire country. Given this, perhaps it's time to reconsider how we approach NS for our medal-winning athletes. Instead of just granting deferments, could we recognize their contributions by waiving NS liabilities entirely or offering a significantly reduced commitment? These adjustments would acknowledge the immense value they bring to the nation while allowing them to continue excelling in their sporting careers.

It feels especially fitting that Maximilian Maeder is racing in his Olympic finals on National Day. I’m sure many of us will be watching him alongside the National Day Parade, cheering him on with pride—perhaps even with two screens! As we celebrate our nation’s achievements today, let’s also look forward to supporting the next generation of athletes who will carry our flag on the world stage.

Note: An ST article explains how Max was provided support to succeed - you can read it here