Singapore celebrates achievements 50th year independence
The South-East Asian city state of Singapore is gearing up for its biggest ever party as it celebrates its 50th birthday, culminating in an extravagant national day parade this weekend.
For a nation that has been around for just half a century, Singapore has transformed very quickly in a relatively short time.
After the merger with neighbouring Malaysia failed in 1965, the city state's survival was at stake.
But 50 years on, the country with a population of just over 5 million has defied the odds by becoming one of the wealthiest countries in the world.
A uniquely Singaporean economic model
At least 1 in 6 households belong to millionaires, unemployment is hovering around two per cent and almost every Singaporean owns their home.Regional economist with CIMB Private Banking, Song Seng Wun, said Singapore's pioneer leaders recognised the former British colony and trading port was "ideally situated to be a launch pad into Asia Pacific."
"From the trading port [days] they found the extra wing, which is financial services," he said.
"From that, just ensuring that other legs are being put in such as manufacturing to ensure that jobs are continually being created for Singaporeans and foreigners being brought in at various levels," Mr Song said.
PHOTO: Foreign Minister Julie Bishop presented four koalas on loan to Singapore from Australia as part of a bilateral initiative for Singapore's 50th birthday.
Associate Professor Michael BarBarr from Flinders University in Australia has been a Singapore watcher for over 20 years.
"The timing of its independence and its effort to turn itself into a manufacturing centre could not have been better," he said.
"It started out trying to turn itself into a manufacturing hub and transport hub just as the containerisation revolution was happening, both in Japan and America.
"It got on the bandwagon and it did it very well."
Over the years, Singapore earned itself a reputation for being stable and efficient.
t is one of the easiest places in the world to do business, attracting many global corporations to set up shop on its shores.
"The capacity to engage in long-term planning and seeing things through to the end, has been very, very important and has also allowed government to project the country to the world, as being stable, profitable and predictable," Dr Barr said.
Mr Song from CIMB Private Banking said it was this planning that served the Singapore government, led by the ruling People's Action Party (PAP), well.
"The most notable thing to watch is the physical transformation of the island itself, the infrastructure is being continually being upgraded," he said.
"The PAP has been ruling the island for the last five decades, it has the ability to plan very far ahead.
"Very few governments around the world has that kind of so-called freedom so far ahead. Because of that consistency, things do fall into place far more efficiently and quickly than other countries."
Challenges for the new Singapore
Mr Lee's first son Lee Hsien Loong is the current and third prime minister since 2004.
Some of the challenges facing the younger Lee's team are a more vocal electorate, slowing economic growth and an ageing population.
PHOTO: Singapore's rise as an economic success in a short period of time has made the country one of the wealthiest in the world.
Its liberal immigration policies to boost the population was called "an unimaginative response" by Flinders University's Dr Barr.
"They faced what they thought was an economic crisis, and the only thing they could think of to deal with it was to increase the level of immigration and therefore increase the number of workers and the amount of output," he said.
"They did all this without any consideration of upgrading infrastructure or how this is going to have a social effect.
"They were really fundamental mistakes."
The current Lee government will also need to be "attuned to the younger generations" as Singaporeans become more vocal, according to commentator Catherine Lim.
She observed that Mr Lee's government was aware of this and had started loosening up.
"For example, the gay groups, in the past they were frowned upon. But there is no more of this stigma attached today," she said.
But the government's reputation for using defamation suits to squash opposition has extended to the online world.
With global economic headwinds and rising Asian giants, Singapore may not be able to maintain the accelerated pace of economic growth it enjoyed for decades.
"We are talking about a mature economy now, the kind of growth Singapore is achieving now is good enough. But it has been used to seeing growth of four and eight per cent or higher," Mr Song from CIMB Private Banking said.
"If we don't see the economy being able to move onto a higher productivity plane, especially in the services side, that could undermine its position as a wealthy economy."
In 2014, a frail looking Lee Kuan Yew appeared at the country's national day parade, and the 27,000 strong crowd gave him a standing ovation.
This year, the elder Lee's presence will be missed, but his legacy will continue to be firmly stamped on the nation for another 50 years to come.
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