What Made Singapore Rich?

Singapore officially known as the Republic of Singapore is one of the richest Southeast Asian countries lying off the tip of the Malay Peninsula. It is predominantly an island country consisting of almost 62 islands. This country is divided from Malaysia by what is referred to as the Strait of Johor towards the north and from Riau islands of Indonesia by the Strait of Singapore towards the south. The rate of urbanization in this country is very high, and this explains why there is very little primary rainforest remaining in the country. Recently, there have been many efforts by the government to create more land for development through land reclamation methods.

So how did this country become suddenly so rich? Some people think that this country is rich because they have cheap labor as well as good agricultural products. While part of this statement could be true about cheap labor, Singapore is rich not because of agriculture but because of a highly developed market-oriented economy. The economy of this country depends hugely on exports as well as refining most of the imported products such as electronics, chemicals, petroleum refining, biomedical science technology and mechanical engineering. This country is also host to one of the busiest ports in the world.

It is one of the best-rated business-friendly economies in the entire globe with so many foreign expatriates working in multinational organizations. Furthermore, Singapore’s economy employs thousands of manual employees. Contrary to what so many people think, Singapore is a democracy and does not support communism. Other factors that make Singapore so good are like banking, infrastructure, technology and real estate.

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