As Singapore gained independence nearly six decades ago, it has experienced rapid economic growth and has become one of the wealthiest countries in the world. With a GDP per capita of approximately $88,000, the city-state has surpassed many nations in terms of prosperity. In fact, its GDP has doubled in real terms over the past two decades, showcasing its remarkable development and progress.
However, globalisation is facing increasing scrutiny and skepticism, and Singapore must navigate the complexities of balancing its domestic politics with its global reputation. Lawrence Wong, who will soon become the country’s incoming prime minister, acknowledges that the established norms are changing and that a new order is yet to be fully established. He believes that these upcoming years may be tumultuous due to these changes.
Despite its economic success and global status, Singapore’s leaders are aware of the need to adapt to the evolving world order and address the concerns of its citizens. As the country continues to grow and prosper, it must find a way to maintain its position as a global city while addressing shifting political and economic dynamics worldwide. To do so will require thoughtful leadership and strategic decision-making to ensure that Singapore remains a beacon of prosperity and progress in the years ahead.