Singapore’s economic success has been undeniable. Compared to other member states in the region, Singaporeans are 12 times richer than the average ASEAN.
Despite its size and lack of natural resources, Singapore’s 5.6 million people enjoy one of the highest average income in the world, ahead of countries like Germany, France and Japan. How did this little Island get so rich?
Singapore doesn’t have resources like coal or oil, but it does have something other countries can’t buy its location. The island sits in the middle of an important trade route connecting Asia to Europe. That’s a key reason why the British decided, back in 1819, to set up a colony in Singapore. Location isn’t everything though. There are several countries nearby that could have made use of their whereabouts, but they weren’t quite as successful. That’s because there are other ingredients that go into this crazy-rich Singapore recipe. Unlike some of its neighbors, who wanted to separate themselves from their colonial histories, Singapore kept close ties with Britain, even after its Independence in 1965.
Singapore’s economic success has been undeniable, not just for its strategic location, but mostly attributed to effective governance, whether that be through housing, public savings, pro-business policies, and its people.
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