The rapid transformation of Singapore’s economy since its establishment

Located in Southeast Asia, Singapore is officially known as the Republic of Singapore and is widely recognized as an island sovereign state. The nation was founded by Sir Stamford Raffles as a trading post for the British Empire in 1819. Since that time, the nation has undergone rapid industrialization and is now considered one of the Four Asian Tigers; known for their strong economic influence throughout Asia. There are four official languages used in the country: English, Chinese, Malay, and Tamil. For these reasons, the concept of multiracialism is enshrined in Singapore’s constitution and continues to shape the nation’s policies. Today, Singapore has become a major financial and shipping hub, and is consistently ranked as the most expensive city to live in every year.

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