How Singapore Becomes So Rich | सिंगापुर इतना अमीर कैसे बना? | Best case study on Lee Kuan Yew | BSR

How Lee Kuan Yew transformed Singapore from a small town into a global financial hub.?
Lee Kuan Yew, the founding father of one of Asia’s smallest but most developed economies.
The tiny nation, whose main industry was manufacturing at independence, saw its GDP per capita skyrocket under Lee to one of the highest in the world in 2013, behind just oil-rich Qatar and private banking center Luxembourg, according to the IMF. Its population has doubled to more than 5m.
Lee built on this, as the country had no natural resources of its own to exploit.
Even though Lee was criticized by many for leading the country in an authoritarian style that stifled political dissent and press freedoms, his firm grip on power and maintenance of stability gave little scope for corrupt financial practices. The orderliness that Singapore became known for was attractive to foreign investment – billions of dollars poured in, ensuring the country’s success.

Lee championed free trade, which helped Singapore attract a free flow of foreign investment and multinational giants such as General Electric.
One clear factor in Singapore’s rise was Lee’s ability to take consistent advantage of global financial upheavals. This began in 1971 when America de-linked the dollar from gold. Lee was quick to grasp this opportunity and established Singapore as a regional center for foreign exchange.

Indeed, since 1968, the Singapore government has provided incentives and preferential tax treatments to cultivate an Asian Dollar Market. This initiative proved instrumental in helping Singapore to develop as a financial center and a lead over its nearest rival Hong Kong.

Keeping locals happy
Lee knew that for Singapore to compete with global giants, he needed to provide Singaporeans with housing and employment opportunities that would bring the national economic stability. For this purpose, he established the Housing Development Board and the Economic Development Board. The housing board transformed this space-constrained island into a world-class metropolis that helped its citizens to move out of small ghettos into carefully planned mixed townships and provided superior living conditions for its citizens.




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