The way for economic development of Singapore was not paved. Today Singapore vibrant economy is considered short of a miracle. In spite of the many obstacles facing Singapore achieved prosperity in a short period of time.
The city of the island has some four million residents. Also considered to be the smallest country in the whole Asia East Singapore most live in high-rise buildings and toggle the use of public transport.
In 1819, the Europeans settled in Singapore. British East India company managed by Sir Thomas Stamford Raffles, created a post to the spice trade. Singapore became a commercial and military centre of the British Empire in Southeast Asia.
Aftermath of World War I Singapore had undergone changes marked in technology and politics. Small island State decided to implement industrialization in the 1950s. The Singapore decided that it is time to separate from its role as a port.
The Government came up with politics to join the industrial revolution affecting countries at that time. Economic development plans mostly revolve around to provide employment opportunities for people.
The island nation skilled workforce was an enormous contribution Singapore vibrant economy. In the 1960s, unemployment was virtually eradicated when Singapore posted the lowest unemployment rates in Asia at that time.
Singapore gained independence from Britain in 1963. Singapore merged with the Malaysia, Sabah and Sarawak Malaysia part. But two years later, Singapore became an independent Republic.
In the Decade of 1970 skills and technology workforce became the main focus of Government initiatives. Modern industries became the main objective of the Government as petrochemical thrust, electronic machinery and precision. Foreign companies also began to pour that time, making it the fastest industrial transition.
The Government introduced some changes in 1979. Its policy aimed at the baja-asalariados was changed to accommodate in capital intensive industries. The 1980s saw the growth of industries invested foreign such as computers, electronics and automotive, pharmaceutical, optical and other industries.
When the recession came in 1985-1986, the Government turned its attention to Singapore in a center of manufacturing and communications for foreign companies.
The Centre of attention of the Board of economic development (EDB) during the 1960s was industrialization. This was based on plans by the Dutch Economist Albert Winsemius. But a change occurred to the 1990s. The strategic economic plan (SEP) in 1991 more was bent on achieving development education and human resources for promoting exports. EDB is still focusing on the growth of the business sector in this country.
Standard life Singapore has tremendously grown through the years, especially after it achieved independence from the European settlers. Foreign investment and Government Singapore push to implement industrialization helped to set up a modern economy in this island State.
Today, Singapore ranks fifth richest country in the world as by GDP (PPP) per capita. The official reserves of Singapore January 2009 was set at 170.3 million $ United States.
Modern Singapore is definitely a remarkable improvement in what used to be. Achieves milestones in its economy which provided financial security they need to his people. Singapore economic development is a product of the vision of people and their determination to succeed.
By Raymond Le Blanc. If you want to know more about the economic history of Singapore or click http://cranendonk.com/singapore.htm or socio-economic development of City-State: 1960-1980.
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