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Singapore has transformed its economy with strategic planning, innovation and a highly efficient market, even without natural resources such as oil, gold or fresh water.
When someone mentions Singapore, the first thing that comes to mind are the shining skyscrapers, super clean streets and those street food markets. Nowadays, this island in Southeast Asia is practically synonymous with wealth and modernity.
But, can you believe that just 60 years ago, the country was extremely poor, without any natural resources and full of economic and social problems? And how did everything change? Let's see how this article will answer: How did Singapore become so rich?
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| Indicator | Singapore Ranking | Notes |
|---|---|---|
| Education | 1 º | Leads PISA 2022 in mathematics, reading and science. |
| Economic freedom | 1 º | It stands out for its liberal economy and favorable business environment. |
| Ease of Entrepreneurship | 2 º | Business-friendly environment, with low tax burden. |
| Human Development Index (HDI) | 9 º | High standard of living and social well-being. |
| GDP per capita | 3 º | One of the highest in the world, reflecting economic prosperity. |
| Tax Burden | 14,1% | Considered low, favoring the business environment. |
In 2023, Singapore's Gross Domestic Product (GDP) was US$501,43 billion, representing approximately 0,48% of the global economy. The GDP per capita in that same year was US$84.714.
In the third quarter of 2024, Singapore's economy grew by 5,4% year-on-year, exceeding initial expectations.
The beginning
In the 1960s, the situation was challenging. Singapore, newly independent from Malaysia in 1965, was an island without oil, gold or even enough fresh water.
Poverty was rife, unemployment was high, and ethnic tensions threatened stability. For many, the future looked bleak.
It was in this context that Lee Kuan Yew took over as prime minister. He outlined a bold vision: to transform Singapore into a “First World oasis in a Third World region".
To many, it seemed like an impossible dream, but to Lee, it was a clear plan. And it was with this spirit that the small island began its journey to become a global powerhouse.
Clearing the Path to Success
One of the first bets was on the physical appearance of the city. Lee believed that urban cleanliness was not just an aesthetic issue, but also a way to attract investors.
He launched massive campaigns to clean streets, plant trees, and educate citizens about the importance of keeping the city spotless.
A curious story involves the ban on chewing gum. After finding gum stuck in public spaces, Lee made the decision to ban it, making Singapore famous for its impeccable streets.
Although extreme, the result was a city that exuded organization and modernity, enchanting visitors and businesspeople.
Exemplary Education in Singapore
Without natural resources, Singapore invested in human development. Education became the top priority, with a focus on bilingualism and technical training.
English has been adopted as the official language of business, giving citizens a competitive advantage in the global marketplace.
A striking example is the “Singapore Math”, introduced in the 1980s. This innovative curriculum, focused on critical thinking and problem solving, became a global reference, being adopted by schools in countries such as the United States.
In addition, the government has invested heavily in areas such as science, technology, engineering and mathematics (STEM).
The strategy quickly paid off: by the 1990s, Singapore was already a hub for technology and biotechnology, attracting giants such as IBM e GlaxoSmithKline, which boosted the economy and generated highly qualified jobs.
Small country, big advantage
Singapore’s small size, often seen as a disadvantage, has become an asset. The country’s leadership has been able to use this characteristic to make quick decisions and adapt quickly to global changes.
In the 1970s, Singapore saw an opportunity in the financial sector. With relaxed regulations and low taxes, the country attracted international banks and investment funds, establishing itself as a global financial hub.
Political stability and a business-friendly environment have made Singapore an attractive destination for companies from around the world.
Today, the financial sector is one of the country's main sources of wealth. With over US$3 trillion in assets under management, Singapore has established itself as one of the largest financial centers in the world.
A Singapore Governance and Planning Model
Behind the success is a government that prioritized strategic planning and efficient execution. Public policies were implemented rigorously, from population control to infrastructure investments.
Public housing, for example, has been transformed into a reference model, offering affordable housing to the majority of the population.
Another example of innovation is the water management model. Facing water scarcity, Singapore developed advanced desalination and recycling technologies, becoming self-sufficient. This effort not only ensured water supply but also positioned the country as a leader in environmental technologies.
The economy of the future
Over the decades, Singapore has diversified its economy, expanding into sectors such as logistics, tourism and technology. Changi Airport, often elected the best in the world, is a symbol of the country's excellence in connecting people and businesses globally.
In addition, the country has invested heavily in innovation and startups. With incentive programs and cutting-edge infrastructure, Singapore has become a hub of entrepreneurship, attracting talent from around the world.
A legacy of Singapore's success
Singapore’s transformation from a struggling nation to one of the world’s wealthiest countries is a story of global inspiration. Visionary leadership, strategic planning and the commitment of its people have been the cornerstones of this success.
Today, Singapore is living proof that size does not define a country's potential, and that challenges can be overcome with determination and creativity.
As we reflect on this journey, it becomes clear that Singapore’s true resource lies not in its soil, but in its ability to think big, act fast and never give up.
It is a lesson not only for countries, but for all who seek to overcome adversity and achieve great things.
Housing for all
When you look at the Singapore skyline, it's impossible to ignore the tall, organized buildings that dominate the landscape.
More than 80% of the population lives in flats built by the Housing Development Board (HDB). Unlike many public housing projects around the world, HDB flats are modern, clean and surrounded by amenities such as parks, supermarkets and hawker centres – food markets that are a symbol of local culture.
In the 1960s, the situation was very different. Most people lived in overcrowded and unsanitary slums. Lee Kuan Yew and his government decided to tackle the problem with affordable, quality housing.
And there was a brilliant detail: the apartments could be purchased at subsidized prices. This turned residents into owners, creating a sense of belonging and a direct connection to the country's progress.
In addition to improving the quality of life, HDB has contributed to social stability. As property prices have risen over the years, homeowners have also seen their wealth grow, bolstering national prosperity.
Changi Airport
Another symbol of Singapore’s progress is the iconic Changi Airport. Strategically located in the heart of Southeast Asia, it enjoys a privileged geographical position: it is an eight-hour flight from more than half of the world’s population. However, what really sets Changi apart is the vision that guided its construction.
In the 1970s, building a major airport seemed unnecessary for a small country. But Lee Kuan Yew knew that connecting Singapore to the world was crucial.
Today, Changi Airport is not just a logistics hub; it is a tourist destination in its own right, with attractions such as indoor gardens, cinemas, swimming pools and even slides.
Welcoming more than 65 million passengers annually, Changi is a driver of global tourism and trade, fueling the economy and reinforcing Singapore's role as an international hub.
A safe haven for foreign investment
Singapore has positioned itself as a reliable place to do business since the beginning. The country is known for its political stability, efficient government and one of the lowest corruption rates in the world. This combination attracts global companies and investors looking for security and opportunities.
A successful example is Temasek Holdings, created in 1974. This state-owned company manages more than US$400 billion in assets, investing in strategic sectors such as finance, technology and energy.
Careful management of these funds has ensured resilience during global crises, allowing Singapore to continue growing even in difficult times.
Housing and infrastructure
Public housing programs and infrastructure investments not only solved immediate problems, but also laid a solid foundation for sustainable growth.
In addition to HDB housing and Changi Airport, Singapore has invested in high-quality transportation systems, self-sufficient water supply and advanced technological solutions.
These initiatives have not only raised living standards, but have also attracted talent and investors from around the world.
Luck met preparation
While Singapore’s strategic location and economic rise in Asia have benefited, the real differentiator has been its proactive leadership. Rather than relying on luck alone, the country has capitalized on its natural advantages and created an environment that fosters innovation, business and quality of life.
Singapore’s journey from a poor, overcrowded island to one of the world’s richest countries is a testament to the fact that progress is possible, even in the face of great adversity. Innovative strategies, a committed government and a determined population have transformed a small territory into a global powerhouse.
Today, Singapore continues to evolve, looking to the future with the same determination that shaped its past. Whether it’s the HDB skyscrapers, Changi Airport or the robust financial sector, every part of this nation is a testament to how vision and action can turn dreams into reality.
Of course, corruption is out of the question, here in Brazil we are born learning to be ****, to start with the president is a convicted ****, the supreme court ****, it will always be a banana republic!!!
Indignation and revolt at the corruption that is rooted in our Republic, from the highest authority to the lowest echelons, is the prevailing feeling among Brazilians. This is unacceptable in a democracy that prides itself on having a system of justice and laws.
Hahaha, what a joke, right? Look at our development history, look at the vaccine.