Singapore has achieved tremendous economic growth since gaining independence nearly 60 years ago, establishing itself as a beacon of prosperity in a region where middle-income status is more common. With a GDP of around $88,000 per person, the city-state is now the wealthiest country within a vast radius. Over the past two decades, Singapore’s GDP has doubled in real terms, surpassing countries like South Africa and Jordan that were once wealthier than it at the time of its independence in 1965.
As the world grapples with increasing skepticism towards globalisation, Singapore faces the challenge of balancing its domestic politics with its role as a global city. Lawrence Wong, Singapore’s incoming prime minister, acknowledges the shifting norms and uncertainties that come with this evolving landscape. He believes that establishing a new order will not happen overnight and expects a period of instability lasting possibly a decade or longer.
Singapore’s economy and its position in the global landscape have shifted significantly over the years, requiring the country to adapt to changing global trends and realities. The challenge for Singapore lies in navigating these changes while maintaining its status as a prosperous and influential player in the global economy. As it continues to grow and evolve, Singapore will need to find a delicate balance between serving the needs of its citizens and contributing to the global community.
