How Singapore Became Rich and What Sri Lanka Can Learn from It 1995 to 2024

Описание: In 1955, both Singapore and Sri Lanka had relatively low Gross Per Capita Product (GPP). Singapore's GPP was about $1,000, while Sri Lanka's was slightly higher at $1,400. Despite this, Singapore lacked natural resources, while Sri Lanka had agricultural wealth. Over the next several decades, Singapore experienced rapid economic growth, transforming into one of the richest countries in the world, with a GPP of $60,000 by 2024. In contrast, Sri Lanka's GPP grew at a much slower pace, reaching $4,000 in 2024.

Key factors behind Singapore's success included strong leadership (especially from Lee Kuan Yew), strategic investments in education, a pro-business environment, world-class infrastructure, and anti-corruption policies. Singapore focused on human capital, open economies, and long-term planning, which allowed it to become a global financial hub and technological powerhouse.

Sri Lanka, facing political instability and slower industrial development, could learn valuable lessons from Singapore’s journey, particularly in areas like leadership, education, infrastructure, governance, and economic diversification. By adopting similar strategies, Sri Lanka could accelerate its economic development and increase its prosperity.