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Singapore economic development did not come easy. The progressive economy that Singapore is enjoying now is the fruit of continuous struggles against adversities. Even though a number of setbacks occurred, Singapore emerged victorious in the end.

The island city has some four million residents. Also considered as the smallest nation in the entire Southeast Asia, most Singaporeans live in high-rise buildings and commute using public transport.

In 1819, Europeans settlers found Singapore. The British East India Company headed by Sir Stamford Administrator established a spice trading post in this country. Singapore was then considered as a commercial and military hub for the British Empire in Asia.

When World War II ended, there were some noticeable changes introduced in Singapore particularly in their pursuit of technology and politics. The island city pursued industrialization in 1950s. It is a bid by the Singaporeans to change their entrepot image.

Industrialization was in full swing at that time. The government wanted to join the bandwagon. The development strategy for the economy was focused on generating employment opportunities for the people.

The island nation skilled workforce was a huge contribution to Singapore vibrant economy. In the 1960s, unemployment was virtually eradicated when Singapore posted the lowest unemployment rates in Asia at that time.

The freedom that Singapore enjoyed from its European settlers in 1963 made it decide to become part of Malaysia. Singapore joined forces with Malaya, Sabah and Sarawak to be merged to Malaysia. But the merger ended two years later when Singapore chose to become a separate republic.

Skilled labor and technology were central to the government plans in the 1970s. They also shifted their focus to the rising industries at that time such as petrochemicals, electronics and precision machinery. As more foreign investments entered the country, industrialization became a distinct reality.

The government created additional changes in 1979. A new policy was instituted to replace focus on low wage earners and encourage huge, money-making industries. The 1980s provided for the entry of foreign investments to the country in the areas of computers, electronics and automotive, pharmaceuticals, optical and other growing industries.

When recession hit in 1985 to 1986, the government turned its attention to making Singapore a manufacturing and communications hub for foreign corporations.

The focus of Economic Development Board (EDB) during the 1960s was industrialization. This was based on the plans made by Dutch economist Albert Winsemius. But a shift happened towards 1990s. The Strategic Economic Plan (SEP) in 1991 was more bent on pursuing education and human resources development in order to encourage export. EDB is still focusing on the growth of the business sector in this country.

Singapore standard of living has grown tremendously through the years specifically after they achieved independence from European settlers. The foreign investments and Singapore government thrust to implement industrialization helped established a modern economy in this island state.

Currently, Singapore ranks fifth wealthiest country in the world as per GDP (PPP) per capita. The official reserves of Singapore as of January 2009 was pegged at US$170.3 billion.

Contemporary Singapore has reached heights beyond expectations. The huge success it attained help people enjoy prosperity and financial security. Singapore economic development is the result of people persistence and unwillingness to let go when faced with adversity.

Learn all the singapore development that has been happening through the years. The development of singapore is one that can help out many. Go online to find out more today.

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