ABSTRACT

In economic terms, the island republic of Singapore has performed remarkably well among the newly industrialised countries. Despite of its lack of natural resources, it achieved double digit economic growth rates during the 1960s and 1970s. Its economy remained resilient during the oil crisis and the general world depression. The tiny island republic has attracted world attention with its successful public housing programmes which have provided accommodation for two-thirds of its population of 2.3 million. Within a decade, massive unemployment became a phenomenon of the past and the republic now relies on foreign workers from neighbouring countries to restructure its economy. Singapore is fast developing as an international financial centre and has been acknowledged as the birthplace of the Asian Dollar Market which was started in 1968. The Port of Singapore has surpassed London and Yokohama to become the second busiest port in the world.