Singapore economic model
The Singapore economic model refers to various economic as well as social policies enacted by the government of Singapore following its independence in 1965 which led to a period of rapid industrialisation and economic growth, during which Singapore transformed from a developing country to a developed country with a high-income economy in just a few decades.
The swift development of the Singaporean economy was accompanied by its recognition of neutrality by the turn of the 21st century, such as being the headquarters of the Asia-Pacific Economic Cooperation (APEC), hosting high profile events such as the Ma–Xi Meeting, the 2018 North Korea–United States Singapore Summit, and the World Economic Forum (WEF), as well as the ascension of multinational conglomerates supported by its sovereign wealth funds, such as Creative, Grab, Lazada, Shopee, Razer Inc. and Secretlab.
Today, Singapore's per capita gross domestic product (GDP) is among the highest in the world. Furthermore, the country also ranks highly in rankings relating to quality of life, particularly education, housing, human capital, healthcare, life expectancy, safety and transparency. In the most recent Human Development Index (HDI) statistic composite, Singapore was placed as the highest ranked sovereign country in Asia, and remains highly ranked on the inequality-adjusted HDI. It is also one of the most peaceful countries in the world and the most peaceful in Asia on the Global Peace Index.