As one of the most successful and most prosperous nations in the world, Singapore’s success story has been heralded as an inspiring tale of nation-building by many. However, things weren’t always that rosy in Singapore. Just over 50 years ago, Singapore was just another small island in Southeast Asia, with no industry and mostly natural resources to speak of. Today, Singapore is one of the largest financial centers in Asia and one of the freest countries in the world with trade being its major economic activity.
1. The history
Singapore was founded on January 18, 1819, by Sir Thomas Stamford Raffles as a trading post for British ships traveling between China and India. In 1824, it became part of the British Straits Settlements and became a crown colony in 1867. After World War II, it was granted self-government and attained independence on August 9th, 1965 with Lee Kuan Yew as its first prime minister.
2. The different sectors
1) Manufacturing- Singapore’s manufacturing sector is made up of a wide variety of industries, including pharmaceuticals and biomedical sciences, electronics, chemicals, and food processing. 2) Services- The service industry in Singapore includes banking and finance, education and health care as well as tourism, transport, and telecommunications. 3) Oil refining- The refining sector is led by three refineries owned by multinational companies Shell, ExxonMobil, and Total located on Jurong Island.
3. What worked and what didn’t
The process of Singapore’s success was gradual but steady. This is because, during their nation-building phase, they focused on economic development and a rising middle class which led to economic growth and stability. Even after achieving independence, government officials recognized that there were still many issues that needed to be addressed such as unemployment, poverty, and housing affordability.
4. The future
If Singapore can do it, so can any country. All you need is a good leader and a little bit of luck. In 1965, Lee Kuan Yew became Prime Minister of Singapore and implemented three policies:
- Speak English
- Provide affordable housing
- Maintain a healthy birth rate. With these policies and hard work, Singapore became one of the richest countries in the world.
most prosperous nations in the world Singapore, officially the Republic of Singapore, gained independence from Britain in 1965 and attained full sovereignty in 1965. The city-state is a thriving metropolis with a population of 5,625,000 people, making it one of the most densely populated countries in the world. Despite its small size, it’s only 710 square kilometers—Singapore has become a leading global financial center and major transport hub in Asia due to its strategic location and its highly skilled workforce. Here are five facts about this remarkable country.