The official line is that this is due to good management by Lee Kuan Yew and his People's Action Party (PAP), which has ruled Singapore since independence. A pro-business, pro-foreign investment strategy has encouraged foreign firms to set up low-cost manufacturing facilities. These have taken advantage of low labour costs to produce goods for export. Improving education and infrastructure allowed the country to move into steadily higher value industries.But not everyone would put the success down to inspired governance. Geography has played a big part. As a deepwater port on a major trade route, Singapore was always well-placed to benefit from the growth of global trade. And others argue that Singapore's decision to become a Southeast Asian tax haven has been crucial. Full Story
