The economic miracle
As Singapore marks its Golden Jubilee and celebrates its many successes, CEOs of companies that grew with Singapore share their stories in the first of a five-part series.
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Lee U-Wen
THE Singapore story has captivated the world in these last five decades since independence: a "little red dot" that evolved at express speed from a third world country into the economic miracle that it is today.
In the eyes of the international community, the country has more than punched above its weight and many hail it as one of the best places in the world to work, live and play in, citing, among other advantages, its world-class infrastructure, strong governance and rule of law.
But 50 years ago, it was a very different story. Post-independence Singapore was a third world country with poor infrastructure and limited capital. Figures from the World Bank show that Singapore's gross domestic product (GDP) per capita then was just US$516.
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