Since gaining independence nearly 60 years ago, Singapore has experienced immense economic growth, making it one of the wealthiest countries in the world. With a GDP per person of around $88,000, the city-state has surpassed many other nations in terms of prosperity. In fact, its GDP has doubled in real terms over the past two decades, showcasing its rapid development and advancement.
However, as globalisation faces increasing scrutiny and skepticism, Singapore must navigate the complexities of balancing its domestic politics with its global reputation. Lawrence Wong, Singapore’s incoming prime minister, acknowledges the shifting global landscape and the challenges that lie ahead. He believes that the established norms are changing, and a new order has yet to be fully established, making the upcoming years potentially tumultuous.
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 the shifting political and economic dynamics of the world. Navigating these challenges will require thoughtful leadership and strategic decision-making to ensure that Singapore remains a beacon of prosperity and progress in the years to come.