The Economic Growth of Singapore; From a Poor Country to a First World Country

Singapore is an amazing country that lacks natural resources, unlike other countries where you can find oil, gold and coal Singapore does not have any of that but despite the absence of natural resources, the country is still a very rich highland where citizens earn very well and even has a high amount of well paid workers.

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Singapore is a little highland that conveniently sits between the route that connects Europe and Asia together. After several countries gained freedom from their colonial masters they wanted to stand alone and work on their economy alone, but Singapore made a different decision and announced that it was opened for business even while keeping close ties with its colonial masters.
The country had to be developed and workers were needed, most of these workers did not just want to be used and the rate of worker’s riot sprang up but the government took a good decision of providing public homes to its workers where they pay a very little amount for the homes, this idea still works in Singapore until the time of this information. This idea of public homes give workers more reason to remain dedicated to their jobs and this helped in building the country.

Singapore focused largely on manufacturing and in the 80’s they became the world producers of the hard disk drive used in almost every country, although manufacturing is not as common as it used to be back in those days. In order to have more of the companies perform better, the Singapore government gave room for privatization of those companies, this was to bring about competition and in turn better performance which was definitely achievable.

The service industry became a thing of pride and multinational companies began to choose Singapore as their home based regions, making Singapore rich in value and moving it from a developing country to a developed country.

If Singapore is considered a rich nation, does that make every member of the country rich?
This is definitely a NO, because the wealth of the nation seem to sit on the laps of certain people who controls the affairs of the country and the high tax rate on cars makes a lot of middle classed Singaporean’s have all their money go into medical bills and education, so even if Singapore is wealthy according to economic rate, a lot of its citizens are still living a low classed life.