Singapore

The Republic of Singapore became a sovereign and democratic nation on August 9, 1965, after separating from the Federation of Malaysia. This high-tech and wealthy city state of southeast Asia began as a third-world country, confronted with mass unemployment, housing shortages, and lack of land and natural resources. But gradually it moved from an entrepot economy to an industrial and service-based economy. Export-oriented industrialization measures made Singapore a “global city.” Its economy grew at an average of 9 percent annually between 1965 and 1997. In spite of the global financial crisis of 2008 and 2009, the long-term development of Singapore continued due to sound economic fundamentals.