In 1965, Singapore gained independence, with half of its population grappling with illiteracy. Armed with tenacity and astute policies, Singapore transformed into one of the world’s most business-friendly hubs, overcoming its initial lack of natural resources. Presently, it stands tall as a bustling center for trade, manufacturing, and finance, with an impressive 98% literacy rate among its adult population.
However, even Singapore could not escape the ripples of the pandemic-induced global economic downturn. In 2020, the nation experienced a 3.9% economic contraction, plunging into recession for the first time in over a decade. The subsequent year, 2021, witnessed a resilient rebound with an 8.8% growth, only to face headwinds from China’s economic slowdown—a key trading partner. The manufacturing sector, constituting 21.6% of Singapore’s GDP, bore the brunt of China’s challenges. The economy limped to a mere 1% expansion in 2023, and projections indicate a modest growth of around 2% in 2024 and 2025. Despite the challenges, Singapore’s narrative of economic evolution and resilience continues to captivate global attention.
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