History Behind Singapore's Success
Like most people, if you’re unfamiliar with the history of Singapore, you might be wondering how did a small island with just slightly over 700 square kilometers turn into a global economic powerhouse in just one generation. Here are the 5 key factors which contributed to Singapore’s success.
1. Location, location, location!
Singapore’s greatest strength is arguably her geographic location. Singapore’s strategically located on the significant sea route between china and India where most of the ships from Europe/US/China/India has to stop and refuel before getting to either places.
In other words, Singapore is located at the best spot along one of the busiest maritime sea routes, the Straits of Malacca. Up till today, Singapore has always been among the world’s top 3 busiest port for the past few decades.
2. Effective and open policies
Key economic policies such as home ownership, religious harmony, immigration integration and top-class public education system, are just a few of the many effective policies which Singapore adopted that shaped her into who she is today. In just a single generation, Singapore’s housing policy (Housing Development Board) was so successful that home ownership stands at over 90% in Singapore today.
Another example would be the fact that Singapore back then, with just a population of just 2 million, in order to grow, had to open up and welcome immigrants. Singapore had to continually attract top-caliber people who could potentially create employment, bringing in the necessary capital and above all, passing on essential skills to us.
3. Efficient Government
Even with many exemplary and extremely well thought policies, any of which can still be carried out poorly, reversed or even outright fail. Singapore’s government understood from the very beginning that simply having policies which made sense was not enough for her growth, let alone success.
Efficient governance structures, strict laws, stability and zero tolerance for corruption are all as important as the policies themselves.
Singapore stresses on effective training and meritocracy in her public bureaucracy which has led to an exceptionally competent group personnel in implementing said policies.
4. Singapore's one and only resource
With no natural resources to rely on, the only resource Singapore had was just Singaporeans.
Comparable to a simple start-up, education and sheer effort were essential to Singapore’s growth and future.
One can say that Singapore was “fortunate” not to have any natural resources which in turn forced herself to develop its only resource, Singaporeans.
Singapore has dubbed the importance of education alike to a “national investment”, which built up the skills of its human capital and became Singapore’s key advantage for generations to come.
