Singapore: from Third World to First World

From third world to first world in 50 years.  That is the drastic and impressive feat of Singapore.  I spent the afternoon on Saturday back at my favorite Singapore museum, the National Museum of Singapore, and was there specifically for the temporary exhibit all about the economic development of Singapore.  And referencing my previous blogs praising the city for free to the public events, this too was on the house.

So just how did Singapore rise to where it is today?  It was a combination of government's push to industrialize, promote for investors, and of course the workers themselves, to produce a diversified and competitively global economy.  At first the country was welcoming in any and every type of production including musquito coils and hair wigs.  But as time moved on more advanced production began to occur.  Precision engineering  - watches, TVs, electronics, cameras and so forth are all examples.  The government of course added making Singapore a welcoming and attractive place for foreign investors.  Texas Instruments is credited as the first big name to come over.

Eventually it became less about preforming labor, and more about learning skills, abroad in many cases through government sponsored programs and bringing knowledge back  to Singapore to further develop.  Service was eventually emphasized and today the economy is capital, labor, and innovation driven.  One specific example of this transition in Singapore is the pharmaceutical industry here.   Singapore first established the trust and ability to be a regional producer and manufacturer of drugs in Southeast Asia.  Eventually R & D came to be and research in the Biopolis Research Park is now a major role player along with hospital service. 

I came away from the experience with a new appreciation of how government and smart and organized economical and development planning can shape a country.  Couple this with the work the government has done towards revitalizing neighborhoods, and waterways such as Marina Bay and the Singapore river, and one can begin to appreciate the magnificent transition that is Singapore - from third world to first world in 50 years.

Singapore fun fact day 34: the GDP per capita in Singapore in 1960 was SGD 980, today it is almost SGD 60k!