Articles tagged with “singapore”

The story of Singapore's transformation from a struggling port city to a global financial hub is one of the most remarkable economic success stories of the 20th century. In 1965, Singapore was a newly independent nation with no natural resources, a largely uneducated populace, and a high unemployment rate. Fast forward to today, and it stands as a beacon of prosperity, boasting a per capita income that rivals some of the wealthiest nations in the world. In contrast, Sri Lanka, once viewed as a model for Singapore, has faced numerous challenges that have hindered its development. This article explores the lessons Sri Lanka can learn from Singapore's journey, focusing on key areas such as governance, economic policy, human resource development, infrastructure investment, and social cohesion.

Singapore is one of the most impressive success stories of nations’ development in the 20th century. During the life of one generation, the country with a small chance for independent survival has transformed itself into the world leader almost in all aspects of socio-economic development. Among others, the list of Singapore’s main achievements includes an innovative approach in advancing the educational system, development of its national healthcare and housing systems, and likely the most important the country’s success in nation-building in a multiracial, multilanguage, multicultural society. What makes Singapore’s experience even more interesting and important to study is that many reforms implemented in this country were unique, and some elements of the country’s political development can be considered out of line with democratic practices and even authoritarian. Altogether, Singapore’s story and the role and political philosophy of this country’s founding father Lee Kuan Yew represent a huge interest for specialists in comparative economics and for policymakers.