Singapore once occupied by British and Japanese became independent in 1965 and since then it has developed rapidly and is recognized as one of the four Asian tigers.
The only Asian country which has the top AAA rating from all credit agencies was earlier an underdeveloped, tiny nation with no natural resources.And the person who is responsible for the transformation of this nation is it’s first prime minister the late Mr Lee Kuan Yew.
He made this third world nation into first world.He used the advantages that were present at that time and modified them for development.
The major advantages were:
1. Singapore’s location at the mouth of Malacca strait where around 50 percent of world’s maritime passes is the first advantage.
2. Singapore welcomed MNCs and foreign investment with open arms and due to country’s strategic location these companies prospered and added value to the nation economy.
3. The govt was kept small, efficient and honest which are the qualities absent in most of Singapore neighbors.
Apart from the above liberal policies the country harsh judicial punishments and authoritarian style of government by Mr Lee worked as an important ingredient in the cooking of Singapore’s success.
So these factors alongside great management made this country ranked 9th in the world in terms of HDI. It is one of the least corrupt countries in the world with highest trade to GDP ratio in the world.
With over 7000 multinational companies from around the world established in Singapore, the country has become a hot spot for trade and wealth and it is continuously growing more and more.