RSSThe News On Singapore Economic Development
Feb 14
Singapore Asia, Economy, history, politics, Singapore, singapore development, singapore economy, singapore history, singapore politics, sociology, travel No Comments
Singapore economic development journey was not paved. Today Singapore vibrant economy is considered short of a miracle. Despite the many obstacles facing them, Singapore managed to attain prosperity in a short span of time.
The island city has some four million residents. Also considered as the smallest nation in the entire Southeast Asia, most Singaporeans live in high-rise buildings and commute using public transport.
In 1819, Europeans settled in Singapore. The British East India Company, managed by Sir Stamford Raffles, created a post for spice trading. Singapore became a commercial and military center of the British Empire in Southeast Asia.
After World War II, Singapore experienced marked changes in technology and in politics. The small island-state decided to implement industrialization in the 1950s. The Singaporeans decided that it is time to separate from their role as entrepot.
The government wanted to turn Singapore into an industrialized economy. Their first priority to attain economic development was to help people find employment.
Fortunately, the island state had a huge number of skilled workforce that made Singapore competitive. In the 1960s, the efforts of the government to erase unemployment paid off when the unemployment rate in this country dwindled significantly compared to other Asian countries.
Singapore attained independence from Britain in 1963. Singapore merged with Malaya, Sabah, and Sarawak to be part of Malaysia. But two years later, Singapore became an independent republic.
In the 1970s, promoting skilled labor and technology field were the main thrust of the government. The latest technologies became the focal point of the government’s efforts which include petrochemicals, electronics and precision machinery. Foreign investments have risen around this time which paved the way for industrial changes.
The government also made additional changes in 1979. The efforts to promote low-wage earners was scrapped in favor of capital-intensive industries. In 1980s, Singapore experienced the rise of computers, electronics and automotive, pharmaceuticals, optical and other modern industries.
When recession hit in 1985 to 1986, the government turned its attention to making Singapore a manufacturing and communications hub for foreign corporations.
The focus of Economic Development Board (EDB) during the 1960s was industrialization. This was based on the plans made by Dutch economist Albert Winsemius. But a shift happened towards 1990s. The Strategic Economic Plan (SEP) in 1991 was more bent on pursuing education and human resources development in order to encourage export. EDB is still focusing on the growth of the business sector in this country.
The standard of living in Singapore has spiraled upwards after they gained freedom from European colonizers. Two factors made this possible: foreign investors and industrialization of the island nation.
Currently, Singapore ranks fifth wealthiest country in the world as per GDP (PPP) per capita. The official reserves of Singapore as of January 2009 was pegged at US$170.3 billion.
Contemporary Singapore has reached heights beyond expectations. The huge success it attained help people enjoy prosperity and financial security. Singapore economic development is the result of people persistence and unwillingness to let go when faced with adversity.
Check out all the singapore development that has been happening through the years. The development of singapore is one that can help out many. Head online to find out more today.
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