Singapore is almost the same age as Bangladesh. Singapore was once called ‘Jelepalli’. But Singapore is now the leading richest country in the world.
According to World Data Info, Singapore’s total land area is 719 square kilometers. The coastline is 193 km. According to the 2022 data from Statista, a German-based online platform that deals with statistics, Singapore has a total population of 5.7 million. The country has no natural resources.
How exactly did such a country rise from ‘Jelepalli’ to the pinnacle of development? ‘Aladdin’s lamp’ or sustainable plan? Let us find the answer to the question of how Singapore became the richest country in the world within 40 to 50 years of independence.
Investment attraction
Singapore is in a very advantageous position in terms of trade and strategy. The nation is situated in the heart of Southeast Asia. As a result, Singapore has become one of the main trading centers of the surrounding countries. At present, many big global organizations starting as Google, and Meta have their regional headquarters or offices in Singapore.
In no time, Singapore became the ‘transit hub’ of the world’s airlines. According to the July 2023 data of OAG, an air transportation data analysis firm, Singapore’s Changi Airport ranks seventh in the world in the Although not producing oil, Singapore is one of the world’s oil supply hubs. The contribution of the oil industry to the country’s gross domestic product (GDP) in 2022 was 5 percent.
All this is possible because of the good governance of the country. Accompanied by advanced technological infrastructure, availability of skilled labor, favorable immigration laws, and the implementation of well-planned new business initiatives.
Emphasis on the education sector
Currently, the National University of Singapore (NUS) is considered one of the first universities in the world. In the QS ranking published in June this year, it is ranked eighth in the world and top in Asia. Apart from research, the university has been participating in various international competitions. The competing team of this university became the champion in the Robosub 2023 held in the United States from July 31 to August 6.
Not only NUS but the entire education system of Singapore can be said to be unique. And this was made possible by revamping the country’s education sector immediately after independence. They adopt a ‘liberal education scholarship policy’. Under this policy, they arrange to bring their talented students from the most reputed universities in the world. The condition is that after studying abroad, at least two years of government service in Singapore must be completed.
Millionaire-billionaire
There is no such thing as a poor citizen in Singapore. Rather, there are “millionaire-billionaires”. According to an HSBC report, by 2030, more than 30 percent of the country’s adult citizens will be millennials. According to 2022 calculations, the per capita income in the country is 67 thousand 359 US dollars. And all these things have been done by focusing on the development of the country’s seaport, airport, and related infrastructure.
Strict anti-drug laws
Singapore has one of the strictest anti-drug laws in the world. The country has a death penalty for possession of more than half a kilogram of cannabis or 15 grams of heroin. In the last week of July and the first week of this month, three people, including a woman, were executed in the country for drug trafficking. That is, the island nation thinks that drugs can destroy their society. When the drug trade flourishes in a place, it affects the people there. Especially, the youth there turn to drugs, which can destroy society.
land policy
One of the contributions to Singapore’s progress has been its geocentric planning. There the best utilization of state-owned land is ensured. First, a medium-term plan of 10 to 15 years was taken. Every five years, the implementation of that plan was reviewed by the high council of the government. Gradually it turns into a long-term plan.
Political leadership
The largest party in Singapore is the People’s Action Party (PAP). The party has been in power for 64 consecutive years. This pro-independence party was born from a student organization in 1954. One of the founders of the PAP was Lee Kuan Yew (1923-2015).
In an interview given to the New York Times in 2007, Lee said that Singapore was not supposed to survive. Singapore does not have the necessary elements of nationhood, such as a homogenous population, the same language, the same culture, and the same destiny. But in reality, Lee did it. At the root of it was his leadership.
PAP still retains its tradition. Recently, the party even arrested a top leader and a minister as part of a corruption probe. A few days ago, the country’s speaker and a female lawmaker had to resign due to allegations of having an immoral relationship. This is how the country is progressing in the social, political, educational, innovation, and economic fields. Singapore is a ‘model’ for the world.