Singapore is a city-state island nation that is one of the wealthiest and most developed cities on the planet based in high-income economy and has been seeing almost consistent economic growth. Singapore’s rise to wealth is associated with its advanced technological infrastructure and high-tech industries such as pharmaceuticals, petroleum refinement, and technology development that utilize it. The local economy is a free-market economy with the highest per-capita income in ASEAN also due to skilled labor, with strong motivations from labor to participate in the workforce. Politically, Singapore is a low-risk country, with a stable involved government. Corruption is strongly persecuted. It is a Democratic nation, but there are some concerns of free speech restrictions for opposition. Government invests into a diverse economy and is strongly interested in maintaining Singapore’s prosperity (The Heritage Foundation, 2021).
Singapore’s population is 5.69 million, of which 1.65 million are expats and non-residents. The country is multiracial, with ethnic Chinese (76.2%) and Malays (15%) being the top ethnicities. Malay and English are the two official languages of Singapore, with an extremely high literacy rate in the country. Like many Eastern nations, the culture is based in traditional family values. However, since Singapore is such an ‘international’ city, it has strongly adopted the Western culture which has raised the purchasing power from consumers.
Technological advancement is a strong foundation to Singapore’s growth. Both at commercial and government levels, investments into new technology are made to improve the lives of its citizens. It has one of the highest rates of internet penetration in the world with broadband service available almost everywhere. Due to developed IT infrastructure, many international companies have set up hubs in Singapore. Regulation in Singapore is also very favorable for business as the country seeks to support critical industry development. The country has a Western-style legal system and does not have repressive legislation (The Heritage Foundation, 2021). Finally, from an environmental standpoint, Singapore is a strong leader. It seeks to maintain healthy air quality and a high level of green vegetation despite being such a dense megapolis. The city and local businesses are also investing in green and sustainable technologies to power Singapore into the future.
References
The Heritage Foundation. (2021). Singapore. Web.