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Once a colonial outpost of Britain, Singapore has become one of the world's most prosperous places with its standard of living increasing progressively since it gained independence in 1965. Singapore is often referred to as one of Asia’s economic “tigers” with an economy driven by electronics, manufacturing and the financial services.
When it gained independence, the nation had to be self-sufficient and faced problems like mass unemployment and housing shortages. During Lee Kuan Yew's term as prime minister from 1959 to 1990, his administration solved the unemployment issue, raised the standard of living, and implemented a large-scale public housing programme. The country's economic infrastructure was developed, the threat of racial tension was curbed, and an independent national defence system was formed.
Since self-government in 1959, the People’s Action Party has won control of Parliament in every election. Singapore boasts a successful and transparent market economy and is the world’s fourth largest foreign exchange trading centre. The nation has consistently been ranked as the least corrupt country in Asia and among the world's ten most free from corruption by Transparency International. The country has also been rated as the most business-friendly economy globally with thousands of foreign expatriates working in multi-national corporations.
However, the robust economy has also out-priced Singapore in some areas of investments which have been drawn to neighbouring markets that offer cheaper yet skilled labour and overheads. The government has therefore had to look to other areas of trade, new markets and re-inventing the workforce that's greying.
Being chairman of ASEAN for the 13th Summit has thrown up another challenge to the state that has been branded 'squeaky clean' and 'nanny'. However, officials are standing firm on law and order, nixing unapologetically those who may be planning protests, just as it did when the World Bank and IMF convened its meeting in Singapore in 2006.
At the same time, the island-state is working hard to shed its colourless and rigid image, with officials taking a more consultative approach in government and working on new additions to the physical landscape such as a pair of Intergrated Resorts (which includes casinos) and a Formula One race track in the centre of town for an annual race.
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