Singapore: Past Perfect, Future Tense?

Singapore's initial years were characterized by scarcity and uncertainty. The GoS was faced with acute shortages in housing, schools, etc., and high levels of unemployment. The GoS saw industrialization as the answer to its ills. As early as 1961, the government set up the Economic Development Board (EDB) to formulate and implement an industrialization scheme.

At that point, Singapore had neither capital nor technological know-how. Therefore, foreign investment was crucial. So, the GoS set out to create the necessary social, political, and economic infrastructure to attract large-scale foreign industrial investment...

In the 1980s, the Singaporean economy was dependent on five major areas of activity - the regional entrepôt trade (though diminishing in significance, it was still a major source of revenue), export-oriented manufacturing, petroleum refining and shipping, production of goods and services for the domestic economy, and services including banking and finance, telecommunications, and tourism. The electronics industry, which included computers and electronic components, was a major export-oriented industry in Singapore. It was also a major industry in terms of job creation and value addition...