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From a Poor Island to One of the World's Strongest Economies: The Legacy of Lee Kuan Yew
Early Challenges and Political Landscape
- Singapore was initially a poor British colony, with Lee Kuan Yew becoming Prime Minister in 1959 after democratic elections.
- In 1963, Singapore joined Malaysia but was expelled two years later, leading to its de facto independence.
- At this time, Singapore faced significant challenges: limited land (720 km²), no unifying language or history among its people, and a lack of natural resources like oil or gold.
Strategic Economic Development
- Lee Kuan Yew and his expert team devised a plan focused on attracting foreign investments and encouraging education among citizens while sidelining politics for immediate economic work.
- By the 1990s, Singapore became the third-largest oil refining center globally and excelled in petrochemicals, with major companies like Shell investing heavily in the country.
Social Progress and Economic Growth
- The population became educated in English (now an official language), which facilitated economic growth; by 1980, unemployment dropped to 3%.
- GDP surged from $7 billion in 1960 to $360 billion by 2016; per capita income rose dramatically from $435 to $80,000 annually during the same period.
Governance and Criticism
- Lee's direct governance lasted thirty years until he voluntarily stepped down in 1990; criticisms arose regarding his non-democratic leadership style.
- Despite these criticisms, he transformed Singapore into a global financial hub with minimal corruption. His legacy includes a passport ranking alongside Germany's as one of the best globally.
Lasting Impact and Reflection
- Upon his death in 2015, Lee left behind a prosperous nation known for its strong economy. The question remains whether Arab nations will ever see similar transformative leaders.