The Rich and Developed: Singapore has risen long ago and now has new plans

No one can object to the Singapore government the sluggishness as a trait. A small island nation at the southernmost part of the Malaysian peninsula since the 1960s compensates for its size and lack of natural resources with great agility, according to Tech in Asia. Not long ago, the Singapore government revealed what it intends to do in a period of slowing down of the economy and political disagreements in Europe and the United States. A committee of thirty members compiled a series of proposals in a year and released a report highlighting seven sectors that will help Singapore sustain growth but also increase it.

Report to improve the economy

These are finance, service centers, logistics, urban solutions, healthcare, digital economy, and advanced production. The report of the committee provides concrete recommendations for improving the economy. It is proposing in order to simplify the establishment of new funds for entrepreneurs. To encourage the establishment of different companies and to facilitate networking, access to new technologies,  and secure financing. As said before, of the goal is to increase the digital and technological capacity of Singapore. It suggests that employees get familiar with cybersecurity, increase digital connectivity, and increase expertise in the field so that knowledge can be export.

Upgrade personal skill

They also are doing their best work on making their people adapt and accept technological changes. They propose to use the emergence of new technologies and industries like Ubera, Graba, artificial intelligence, and to monitor how industries are changing with new technologies. They’re also doing tremendous work on education and generally preparing on what the future brings. This paragraph of their willingness to upgrade themselves proposes the early development of people’s skills and talents in order to be in line with the needs and changes in society and technology. Many reports also suggest that Singapore universities and companies cooperate with global innovation centers to enable the exchange of knowledge and skills between Singapore and the world.

The need to maintain Singapore’s relations with foreign innovators is also underlined. It can contribute to foreign knowledge and expertise being imported into Singapore. In addition, it is important to note that it is important for Singaporean entrepreneurs to be educated abroad. Therefore, upon their return to Singapore, they could enrich their own country of acquired knowledge.

From the poor colony to the richest country in the world

Singapore is nowadays one of the richest and most developed countries in the world. Although they only have 3.4 million people in employment, their annual gross domestic product amounts to over 330 billion dollars. They have a highly developed industry and financial sector. Singapore port is the busiest in the world and annual visits to over 10 million tourists. According to the International Monetary Fund, GDP per capita in 2013 amounted to about 79 thousand dollars. This places their economy in third place immediately behind Qatar and Luxembourg. For the comparison of GDP per capita, we’ll use a new member of the European Union – Croatia and it is about 20 thousand dollars.

Unemployment in Singapore, it is negligible and accounts for about 2%. And there are currently around three thousand international corporations operating in that country. But that was not always the case.

How to succeed without anything?

Singapore was a very poor country in the 1960s, with very few prospects for success. With the old amount of population of 1.6 million inhabitants, without any natural resources. They lived out of little trade and income from British military bases. They did not have developed industry, knowledge, or their own capital to encourage development. Singapore has been a British colony for more than 130 years, and gained full independence in 1965 during Prime Minister Lee Kuan Yew. He is the creator of their economic miracle, and one of the greatest visionaries and strategists in history.

Development of industry – replace imported goods

In the first phase, their priorities were the development of industry, whose products would replace imported goods on the domestic market, and reduce the dependence of the economy on trade. Various agencies have been set up to support the economic development of the country. In 1961, the construction of the industrial zone of Jurong began to create the industry. Investors in the zone attracted tax relief and legal protection of their capital. However, as it is far from residential areas, the state builds cheap housing for workers.

Although many were then sceptical of this project, already in 1963, 24 factories were in operation in the zone. Five years later, there were 153 factories on about 15 square kilometres in the zone, and 46 more were under construction. GDP growth in the period from ’60 to ’64 was over five percent a year.

Development of industry – export

In the next phase, at the end of the 60’s and during the 1970s, the development of industry continues. But the emphasis is placing on exports. One of the main goals of this period was the reduction of unemployment (which was then at 10%), and the main challenge in that regard was the withdrawal of British military bases, which were indirectly employed by 40,000 people. The country’s favorable business climate continued to attract investors from around the world (mostly from Japan and the United States) and the development of industry, but now also the financial sector continues. At the end of the 60s, the state founded Jurong Town Corporation. A company whose main goal is to support economic development.

Latest Technologies

The economy of Singapore, at the end of the 1960s and during the 1970s, accelerated further, with an average growth of about 10% at the end of the 1970s. Unemployment fell to only 3.6% in 1978, and the share of production in GDP increased to 24%. Already in the early 80’s they are turning to the latest technologies. Have building the infrastructure, develop the industry, and reaching the minimum unemployment rate, in the 1980s. They turned to the introduction of higher technology levels and improved workforce quality through various educational programs.

Automation of work processes

The government encourages the automation of work processes and the introduction of computer technology. As far as investments are concerned, labor-intensive industries are turning to high value-added knowledge based products. In the first half of the 1980s, the added value per worker in production rose from $ 18,400 to $ 27,000, and the average GDP growth was 7.7% per year. Whereas in the 70’s, Singapore’s main export products were fabrics, clothing, and basic electronics. But by the nineties, the pharmaceutical industry, the production of microchips, the aviation industry, etc. developed.

The new model of development

Singapore is today a highly developing market economy with a high level of security for investors and without corruption. They are quite resistant and in the midst of the global financial crisis. Their economy fell by only 0.6% in 2009 to increase by 15% the following year. The government is still looking for new models of development and now the goal is for Singapore (p) to remain the financial and technological center of Southeast Asia.

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