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Singapore Lee And Snapshots Kuan Yew

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Thus, it appears a useful time for an instant review of the economy he left behind. In some ways, the most straightforward case for Lee Kuan Yew is in the basic economic statistics of long-term development. Here’s a number using World Bank data, displaying per capita GDP in Singapore, modified for inflation.

During the 53 years from 1960 to 2013, Singapore’s overall economy averaged more than 5% annual growth on a per person basis. For perspective, Singapore’s per capita GDP was about 16% of the united states level in 1960, and today is nearly 80% of the united states level. What financial challenges now is Singapore facing?

The IMF published a staff survey on Singapore’s overall economy in October 2014. The entire view for Singapore’s overall economy remains strong. Here are some other factors that caught my vision. Singapore’s population has risen by about one-third since 2000, the majority of that from foreign immigration (the birthrate in Singapore is quite low). A lot of immigrants since 2000 proved helpful in lower-wage jobs, therefore in Singapore has increased since 2000 inequalities. The rise was designated in the 2000-2006 period particularly. Overall, the level of income inequality in Singapore as measured by the Gini coefficient is roughly at US levels, although redistributive tax and spending policies do reduce that level somewhat.

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Against Singapore’s financial increases under Lee Kuan Yew, there’s been a legacy of repression of free repression and talk of politics opposition. There have been laws about everything from spitting on the sidewalk to improper disposal of used chewing gum. For more serious crimes, there has been a risk of severe legal penalties including capital and caning abuse. Like dictators everywhere, Lee Kuan Yew made the declare that excesses were justified by the need of bringing civil order and financial prosperity to a potentially fragmented multi-ethnic and multi-religious country.

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