Singapore Economy: Explained in 2 Minutes

Singapore is one of the richest country's with a GDP per capita of more than $60000 USD. This country has achieved such remarkable growth, and that too without any natural resources. Singapore's success can be defined by three factors geography, policies and people.
First, there's geography. Singapore's position, you see, gives excellent connectivity to key Asian economies. And once the Suez Canal was completed in 1869, Singapore became even more vital to the British. It was a means for them to gain control of a large portion of Asian trade. So, the British developed a port system for trade, as well as to deploy soldiers in Asia. As a result of its superior geographic position and well-established port infrastructure, Singapore is an excellent site for manufacturing goods.
Then there are the policies. Singapore needed to develop a safe, corruption-free, and low-tax environment in order to attract investors. To make this feasible, the government became more autocratic. Corruption was reduced, law and order had been adequately enforced, and a business-friendly environment was created. These improvements caught the interest of international investors. In contrast to its neighbours, where political and economic climates were unpredictable, Singapore was very stable.
Finally, there are the people. Singapore's citizens are seen as valuable assets in the country's development. Education, on the other hand, made these assets even greater. As a result of the high amount of foreign investment, the government began to invest in education and skill development programmes. They established plenty of technical schools and paid multinational firms to teach their unskilled workforce. And as the workforce got educated and competent, they started to export high value items. Singapore's main exports in the 1970s were textiles, clothing, and basic electronics. But by the 1990s, they were engaging in biotech research, pharmaceuticals, integrated circuits, and aerospace engineering.
This was a quick glimpse of the Singapore economy. What do you think of this amazing economy, tell us in the comments below. And if you are new to this channel, please consider subscribing.
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