THE SECRET TO SINGAPORE'S SUCCESS IN GLOBAL COMPETITION

Abstract

Singapore has risen from third world countries to first world countries in the last 50 years. When Lee Kuan Yew took over the country as the country's first Prime Minister in 1965, Singapore's GDP per capita was about $ 500 per year, similar to Mexico and South Africa. Today, Singapore's GDP per capita is around US $ 65,000. According to the result of Singapore Global Competitiveness Report 2019, it ranks 1st among 141 countries. According to the Information Society Readiness Index 2020 report, it ranks 3rd among 134 countries. According to the Ease of Doing Business Index 2020 report, it ranks 2nd. It is ranked 5th according to the Global Financial Centers Index. In this study, what are the main factors that play a role in Singapore's success in international indices will be revealed.