THE HISTORY OF SINGAPORE'S ECONOMIC DEVELOPMENT

Singapore

In the 1960s, ___ was an undeveloped country with a GDP per capita of less than $320, but it later became one of the world’s strongest economies with a GDP per capita of about $60,000.

Globalization, free-market capitalism, education, pragmatic

Singapore’s success was achieved by embracing ___, ___, ___, and ___ government policies.

Natural resources, land

Despite having few ___ and limited ___, Singapore managed to overcome these disadvantages to become a global commerce leader.

British

Singapore was under ___ control for over 100 years before World War II.

Japanese

The British failure to defend Singapore from ___ invasion during World War II sparked strong anti-colonial and nationalist sentiment.

Malaysia

Singapore seceded from the British crown and joined the Federation of ___ on August 31, 1963.

Malays, Chinese

Due to ethnic and political tensions between ___ and ___, Singapore was expelled from Malaysia and became independent on August 9, 1965.

Yusof bin Ishak

First Leaders of Independent Singapore: ___ served as the first president, while Lee Kuan Yew became the first prime minister.

Unemployment, poverty

After gaining independence, Singapore faced high ___, widespread ___, poor housing, and lack of basic infrastructure.

Malaysia, Indonesia

Surrounded by unfriendly neighbors, ___ and ___, Singapore initially struggled to get international support for development.

Foreign assistance

Prime Minister Lee sought ___ to help Singapore develop, but his requests were mostly ignored, forcing the country to rely on itself.

Entrepôt

During colonial times, Singapore’s economy was based on ___ trade, or re-exporting goods, which offered little job growth after independence.

Unemployment

The withdrawal of the British worsened ___, creating an urgent need for new economic strategies.

Labor-intensive

Singapore responded to job shortages by launching a program of industrialization focused on ___ industries.

Manufacturing

Most Singaporeans had experience only in trade and services, not ___, making industrialization initially difficult.

Abroad

Lacking a hinterland and trade with nearby countries, Singapore had to look ___ for industrial and trade opportunities.

Israel

Singapore’s leaders were inspired by ___’s success in bypassing hostile neighbors to trade with Europe and America.

Globalization

Lee Kuan Yew and his colleagues decided to integrate with the developed world and attract multinational corporations to manufacture in Singapore; they began to experiment with ___.

Foreign

Singapore aimed to create a safe, corruption-free, and low-tax environment to draw in ___ investment.

People’s Action Party

To maintain order and stability, Singapore adopted a more autocratic government under the ___ (PAP).

Death

Harsh penalties, including ___, were imposed on narcotics trade and corruption to preserve national integrity.

National Trade Union Congress

The PAP dissolved independent labor unions and formed the ___ (NTUC), placing it under direct government control.

Jailed

Individuals who threatened political or corporate unity were ___ without much due process.

Predictable

Singapore’s strict but stable political and economic system attracted foreign investors seeking a ___ environment.

Singapore

With its ideal geographic location and established port system, ___ became a prime site for manufacturing and trade.

Foreign, joint ventures

By 1972, one-fourth of Singapore’s manufacturing firms were ___-owned or ___, with major investors from the United States and Japan.

Double

Economic Boom (1965–1972): Favorable conditions and global economic growth led Singapore’s GDP to experience annual ___-digit increases.

Education, training, workers

Singapore invested in ___ and ___, establishing technical schools and partnering with multinational corporations to upskill ___.

Information technology, electronics

International corporations trained unskilled Singaporeans in fields like ___, petrochemicals, and ___.

Tourism, transportation

Those who could not find industrial jobs were placed in labor-intensive services such as ___ and ___.

Multinational

Having ___ companies train local workers greatly boosted Singapore’s economic growth and competitiveness.

Textiles, electronics

In the 1970s, Singapore mainly exported ___ and basic ___; by the 1990s, exports included advanced technologies like biotech, pharmaceuticals, and aerospace engineering.

Biotech, pharmaceuticals, aerospace

In the 1970s, Singapore mainly exported textiles and basic electronics; by the 1990s, exports included advanced technologies like ___, ___, and ___engineering.

Modern, industrialized

Singapore evolved into a ___, ___ economy while maintaining entrepôt trade as a key economic activity.

Singapore, Shanghai

The Port of ___ became the world’s busiest transshipment port and the second busiest in total cargo tonnage after ___.

Tourism

Singapore’s ___ thrived, attracting over 10 million visitors annually, supported by attractions like the zoo, night safari, and nature reserves.

Marina Bay Sands, Resorts World Sentosa

___ and ___ are among the world’s most expensive integrated casino resorts, boosting tourism.

Switzerland, Swiss

Singapore’s banking industry expanded as assets from ___ moved there due to ___ tax changes.

GlaxoSmithKline, Pfizer, Merck

Major drug companies such as ___, ___, and ___ established facilities in Singapore, strengthening its biotech industry.

Oil

___ refining remains a major contributor to Singapore’s economy, reflecting its continued industrial strength.

15

Despite its small size, Singapore ranks as the ___th largest trading partner of the United States.

3000, 2/3

Over ___ multinational corporations operate in Singapore, contributing more than ___ of its manufacturing output and export sales.

3, 433, 300

With a small labor force of around ___ million and a land area of only ___ square miles, Singapore produces an annual GDP exceeding $___ billion.

83.75

Singapore has a life expectancy of ___ years, the third highest in the world.