Abstract

Sixty years ago, Singapore was an undeveloped country with a GDP per capita of less than US$500. It was known for its opium dens, gang-ridden streets, fetid slums and racial tensions. After separating from Malaysia and becoming independent in 1965, it was a city-state with a small domestic market, an unemployment rate of 14% on average and half the population was illiterate. Today, Singapore is one of the world's fastest growing economies. Its GDP per capita has risen to US$65,000 in 2019, making it the ninth highest in the world. In addition, it also ranks high globally in many private sector comparative indices, such as for competitiveness, economic freedom, business environment, science and mathematics education, among others. Singapore has achieved this remarkable growth through embracing globalization, free market capitalism, emphasizing the importance of education, and following strict pragmatic government policies. For a country that lacks territory and natural resources, Singapore's economic ascension is quite remarkable. As a final word, we can say that Singapore has worked hard to educate its people and has also greatly valued its people.

Key words: Singapore Economy, Export-Based Growth, Technological Development. JEL Codes: O10, O30, O53.

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