Singapore's development into an Asian Tiger

History of Singapore

The rapid development and growth

Why was it so successful

Where there any negative imapcts?

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Singapore's Development
It is the 3rd smallest country in the world in terms of land mass,
was previously owned by the British Empire before it was invaded
by Japan in WWII.
Up until 1965 Singapore was seen as part of Malaysia, when it
separated it had a small domestic market and high levels of
unemployment (14%) and poverty.
70% of people lived in badly crowded conditions and a third of its
people lived in slums on the fringes of the cities.
GDP per capita was US$516 with half the population being
In response to these problems the country formed the Economic
Development Board (EDB) in the late 1960s to spearhead an
investment drive and attract FDI. This was led by Lee Kuan Yew a
Singaporean politician and later prime minister who has been
compared to Steve Jobs in terms of his vision.
Rapid Development
The Singaporean regime understood that first impressions count
so they agreed that Singapore was going to have to develop a
very attractive visual image if it was going to attract foreign
investment. There was an incredible focus on making sure
everywhere was spotlessly clean and making sure the highways

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They also recognised that Singapore had a massive geographical
advantage on other countries trying to attract FDI and used it to
their advantage.
The government invested in key infrastructure especially airports
and seaports which they built to accommodate the largest types of
planes and ships.
The region immediately became a haven for petrochemical
refineries as ships carrying oil from the Middle East to China and
Japan would stop off in Singapore to refine the chemicals and
then continue on their journey.…read more

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Why was Singapore so successful?
It had a visionary leader in the form of Lee Kuan Yew
The region has a huge work ethic as part of the culture.
Initial low wages attracted a lot of FDI and TNCs.
The majority of the population speak English fluently.
Grandparents tend to raise the children allowing parents to peruse
demanding professional careers.
Racism and religious extremism is not visible or prevalent.
Low corporate tax rates and few restrictions on money flow.…read more

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Despite the global financial crisis Singapore's economy has
continued to grow every year.
In June 2013 unemployment was calculated at 1.9% a much
improved figure compared with 14% in 1960.
Now considered a global financial hub.
Pharmaceuticals now account for more than 8% of the county's
manufacturing production thanks to TNCs such as GSK which has
recently announced a $300m investment in another plant to
produce vaccines, its first facility its kind in Asia.…read more


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