| Singapore Travel » Information Singapore » Government Support |
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Government Support |
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The success and failure of an economy depends on the policies implemented by its government. Singapore's safe, pro-business environment is accredited to a well-respected government with transparent and consistent policies that protect companies' physical and IP investments.Singapore has one of the most stable societies in Asia. Its many racial and religious groups live contentedly and cordially as they are united in the common effort to keep the region prosperous and growing.
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The Singapore administration's efficiency has been remarkable in times of crisis. During unexpected developments such as the Asian financial crisis of the late 1990s, terrorist attacks on the World Trade Centre in September 2001, and the SARS (Severe Acute Respiratory Syndrome) outbreak of 2003, administration's response was rapid and decisive.
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It was under the guidance of Mr. Lee Kuan Yew, Singapore's first Prime Minister, that the country became a financial and industrial powerhouse, despite lack of abundant natural resources. Lee ruled with ultimate authority, and his zeal for law and order was legendary. He was re-elected since 1959 till he stepped down in 1990. He ran a tightly controlled welfare state with an economy based in private enterprise; he encouraged foreign investment and discouraged political dissent, achieved both labour peace and a rising standard of living for workers.His mildly authoritarian government at times did infringe on civil liberties. Singapore's regime continues to practice a form of "soft authoritarianism".
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