Singapore used to be a part of Malaysia before 1965. Its sudden separation from its parent country thrust the then struggling nation into an uncertain future. But since then, it has grown into one of the more formidable economies in the world. A steady influx of tourism, trade, and the existence of world-class infrastructure is what defines Singapore today. And it’s showing no signs of slowing down.
It might be that Singapore’s path to success might paint a guide for all others to follow. What follows is a look at the certain successful facets of Singaporean society.
Huffington Post writer Kishore Mahbubani grew up in Singapore, in a time when the nation was fresh off its separation from Malaysia. Mahbubani claims that the country has moved forward in massive strides. Housing in the country is among the best in the world, with the existence of world-class apartment options like the Residences at Reflections serving as immediate proof.
But that’s only the tip of the iceberg. Singapore’s homeownership rate is an outstanding 90 percent. And that’s not even counting those in the lowest 20 percent of income brackets. 80 percent of folk comprising this demographic own their homes. Experts claim that the fast-rising salaries and compulsory saving schemes (yes, you read it right) via the Central Provident Fund make this possible.
Domestic And International Trade
Singapore is a natural harbor. It sits at the Malacca Strait, which plays host to as much as 40 percent of the world’s maritime trade. This is reminiscent of the 14th and 19th Century era Singapore, with the latter being a result of the efforts of British diplomat Sir Stamford Raffles. Prime Minister Lee Kuan Yew, the man credited with much of Singapore’s success, also encouraged foreign trade and investment. As a result, several multinational companies have made a nest egg there.
Singapore is also a key port in the British Empire. More than the prevalence of multinationals on its shores, the country’s GDP per capita is second behind major oil hub Qatar and financial center Luxembourg. Several also credit this massive transformation to Lee Kuan Yew’s foresightedness and determination to match the likes of New York and London, two of the world’s foremost financial hub.
Singapore is not showing signs of slowing down. Is it the most successful society in history? It’s hard to say. But its incredible transition from its early days is more than enough to keep it in contention in the global economy.