Oil Street Artist Village ( Chinese : 油街藝術村 ) was an artist community occupying the former Government Supplies Department Headquarters (GSDH) at Oil Street , Fortress Hill , Hong Kong from 1998 to 2000. It has been described as Hong Kong's first artists colony .
151-425: The Oil Street Government Supplies Department compound was vacated after the relocation of the department in 1998. The Hong Kong Government had initially planned to sell the compound for commercial purpose, but suspended land sale temporarily in 1998, following a downward trend in the real estate market as a consequence of the 1997 Asian financial crisis . The land was instead rented to local artists and organisations on
302-479: A Vietnamese source from the same time period. The name possibly means Sea Town , being derived from the Malay tasek , meaning 'sea' or 'lake'. The Chinese traveller Wang Dayuan visited a place around 1330 named Danmaxi ( Chinese : 淡馬錫 ; pinyin : Dànmǎxí ; Wade–Giles : Tan Ma Hsi ) or Tam ma siak , depending on pronunciation; this may be a transcription of Temasek , alternatively, it may be
453-549: A hinterland , the nation rapidly developed to become one of the Four Asian Tigers . As a highly developed country , it has one of the highest GDP per capita (PPP) in the world. It is also identified as a tax haven . Singapore is the only country in Asia with a AAA sovereign credit rating from all major rating agencies . It is a major aviation , financial , and maritime shipping hub and has consistently been ranked as one of
604-525: A ripple effect through the financial system and the economy (as well as any connected economies) as a whole. The foreign ministers of the 10 ASEAN countries believed that the well co-ordinated manipulation of their currencies was a deliberate attempt to destabilize the ASEAN economies . Malaysian Prime Minister Mahathir Mohamad accused George Soros and other currency traders of ruining Malaysia's economy with currency speculation . Soros claims to have been
755-524: A snap election ). The 14th and current Parliament has 103 members; 93 were directly elected from the 31 constituencies , nine are nonpartisan nominated members appointed by the president, and three are non-constituency members from opposition parties who were not elected in the last general election but appointed to the legislature to increase opposition party representation. In group representation constituencies (GRCs), political parties assemble teams of candidates to contest elections. At least one MP in
906-530: A GRC must be of an ethnic minority background. All elections are held using first-past-the-post voting . MPs host weekly political surgeries , called " Meet-the-People Sessions ", where they help constituents resolve personal issues which can be related to housing, financial assistance, and immigration. The People's Action Party occupies a dominant position in Singaporean politics, having won large parliamentary majorities in every election since self-governance
1057-601: A Muslim state, the soldiers rebelled, killing their officers and several British civilians before the mutiny was suppressed by non-Muslim troops arriving from Johore and Burma . After World War I , the British built the large Singapore Naval Base as part of the defensive Singapore strategy . Originally announced in 1921, the construction of the base proceeded at a slow pace until the Japanese invasion of Manchuria in 1931. Costing $ 60 million and not fully completed in 1938, it
1208-479: A buyer of the ringgit during its fall, having sold it short in 1997. At the 30th ASEAN Ministerial Meeting held in Subang Jaya , Malaysia , the foreign ministers issued a joint declaration on 25 July 1997 expressing serious concern and called for further intensification of ASEAN's cooperation to safeguard and promote ASEAN's interest in this regard. Coincidentally, on that same day, the central bankers of most of
1359-481: A candidate needs to be a person at least 45 years of age who is no longer a member of a political party, to either have held public office for at least 3 years in a number of specific public service leadership roles, or to have 3 years experience as chief executive of a fully profitable private sector company with at least S$ 500 million in shareholders' equity , be a resident in Singapore for at least 10 years, not have
1510-567: A combination of the Malay Tanah meaning 'land' and Chinese xi meaning 'tin', which was traded on the island. Variations of the name Siṃhapura were used for a number of cities throughout the region prior to the establishment of the Kingdom of Singapura . In Hindu–Buddhist culture , lions were associated with power and protection, which may explain the attraction of such a name. The name Singapura supplanted Temasek sometime before
1661-597: A communist takeover. On 27 May 1961, Malaya's prime minister, Tunku Abdul Rahman , made a surprise proposal for a new Federation called Malaysia , which would unite the current and former British possessions in the region: the Federation of Malaya , Singapore, Brunei , North Borneo , and Sarawak . UMNO leaders believed that the additional Malay population in the Bornean territories would balance Singapore's Chinese population. The British government, for its part, believed that
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#17328524834781812-575: A criminal record, and more. Candidates must also "satisfy" the Presidential Elections Committee (PEC) that he or she is a person of integrity, good character and reputation. From 2017, the Constitution requires that presidential elections be " reserved " for a racial community if no one from that ethnic group has been elected to the presidency in the five most recent terms. Only members of that community may qualify as candidates in
1963-455: A cut from customers. In response, amendments were made to the Women's Charter by the government in 2019 to legislate more serious punishments for traffickers, including imprisonment of up to seven years and a fine of S$ 100,000. Singapore has a highly developed market economy , based historically on extended entrepôt trade. Along with Hong Kong , South Korea , and Taiwan , Singapore is one of
2114-565: A further decline in South Korean shares since stock markets were already bearish in November. The Seoul stock exchange fell by 4% on 7 November 1997. On 8 November, it plunged by 7%, its biggest one-day drop to that date. And on 24 November, stocks fell a further 7.2% on fears that the IMF would demand tough reforms. In 1998, Hyundai Motor Company took over Kia Motors. Samsung Motors ' $ 5 billion venture
2265-493: A general loss of demand and confidence throughout the region. Although most of the governments of Asia had seemingly sound fiscal policies , the International Monetary Fund (IMF) stepped in to initiate a $ 40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. However, the efforts to stem a global economic crisis did little to stabilize
2416-504: A greater devaluation? This is a relevant tradeoff, but there can be no question that the degree of devaluation in the Asian countries is excessive, both from the viewpoint of the individual countries, and from the viewpoint of the international system. Looking first to the individual country, companies with substantial foreign currency debts, as so many companies in these countries have, stood to suffer far more from… currency (depreciation) than from
2567-513: A handful of Chinese . By 1860 the population had swelled to over 80,000, more than half being Chinese . Many of these early immigrants came to work on the pepper and gambier plantations. In 1867, the Straits Settlements were separated from British India , coming under the direct control of Britain . Later, in the 1890s, when the rubber industry became established in Malaya and Singapore,
2718-425: A high rate of return . As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and World Bank , and
2869-511: A highly leveraged economic climate, and pushed up asset prices to an unsustainable level, particularly those in non-productive sectors of the economy such as real-estate. These asset prices eventually began to collapse, causing individuals and companies to default on debt obligations. The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money,
3020-407: A large number of Indonesian corporations had been borrowing in U.S. dollars. This practice had worked well for these corporations during the preceding years, as the rupiah had strengthened respective to the dollar; their effective levels of debt and financing costs had decreased as the local currency's value rose. In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened
3171-462: A largely uncontrolled manner to certain people only – not necessarily the best suited or most efficient, but those closest to the centers of power. Weak corporate governance also led to inefficient investment and declining profitability. Until 1999, Asia attracted almost half of the total capital inflow into developing countries . The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for
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#17328524834783322-458: A local medical degree can opt to defer their draft. Though not required to perform military service, the number of women in the SAF has been increasing: since 1989 they have been allowed to fill military vocations formerly reserved for men. Before induction into a specific branch of the armed forces, recruits undergo at least nine weeks of basic military training. Because of the scarcity of open land on
3473-524: A major constituent part of several successive thalassocratic empires. Its contemporary era began in 1819, when Stamford Raffles established Singapore as an entrepôt trading post of the British Empire . In 1867, Singapore came under the direct control of Britain as part of the Straits Settlements . During World War II , Singapore was occupied by Japan in 1942 and returned to British control as
3624-630: A mezzanine floor of MacDonald House exploded, killing three people and injuring 33 others. It was the deadliest of at least 42 bomb incidents which occurred during the confrontation. Two members of the Indonesian Marine Corps , Osman bin Haji Mohamed Ali and Harun bin Said , were eventually convicted and executed for the crime. The explosion caused US$ 250,000 (equivalent to US$ 2,417,107 in 2023) in damages to MacDonald House. Even after
3775-691: A newly independent country. After being expelled from Malaysia, Singapore became independent as the Republic of Singapore on 9 August 1965, with Lee Kuan Yew and Yusof bin Ishak as the first prime minister and president respectively. In 1967, the country co-founded the Association of Southeast Asian Nations (ASEAN). Race riots broke out once more in 1969. Lee Kuan Yew's emphasis on rapid economic growth, support for business entrepreneurship, and limitations on internal democracy shaped Singapore's policies for
3926-588: A reserved presidential election. In the 2017 presidential election , this combination of stringent requirements and a reserved election that required the candidate to be of the 13% Malay ethnic group led to the PEC approving a single candidate for the presidency; Halimah Yacob , considered part of the Malay community, won in an uncontested election. She also became Singapore's first female president. Members of Parliament (MPs) are elected at least every five years (or sooner with
4077-473: A result of the crisis. Following the 1997 Asian financial crisis, income in the northeast, the poorest part of the country, rose by 46 percent from 1998 to 2006. Nationwide poverty fell from 21.3 to 11.3 percent. Thailand's Gini coefficient , a measure of income inequality , fell from .525 in 2000 to .499 in 2004 (it had risen from 1996 to 2000) versus 1997 Asian financial crisis. By 2001, Thailand's economy had recovered. The increasing tax revenues allowed
4228-542: A result of the crisis. In May 1997, the Bangko Sentral ng Pilipinas , the country's central bank, raised interest rates by 1.75 percentage points and again by 2 points on 19 June. Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso , raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997. The peso dropped from 26 pesos per dollar at
4379-450: A separate Crown colony following Japan's surrender in 1945. Singapore gained self-governance in 1959 and, in 1963, became part of the new federation of Malaysia , alongside Malaya , North Borneo , and Sarawak . Ideological differences led to Singapore's expulsion from the federation two years later; Singapore became an independent sovereign country in 1965. After early years of turbulence and despite lacking natural resources and
4530-473: A series of bailouts ("rescue packages") for the most-affected economies to enable them to avoid default , tying the packages to currency, banking and financial system reforms. Due to IMF's involvement in the financial crisis, the term IMF Crisis became a way to refer to the Asian Financial Crisis in countries that were affected. The IMF's support was conditional on a series of economic reforms,
4681-600: A short-term lease with a low rental fee of HK$ 2.5 dollars per square foot in July 1998. Tenants comprised about 40 artists, designers and cultural organisations including 1a space , Videotage and the Artist Commune. The artists of Oil Street Artist Village were evacuated in late 1999 and early 2000, following a government proposition to sell the land. They were temporarily relocated to the Cheung Sha Wan Abattoir and
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4832-421: A strange beast on the island that he took to be a lion. Seeing this as an omen, he established the town of Singapura where he encountered the beast. The second hypothesis, drawn from Portuguese sources , postulates that this mythical story is based on the real life Parameswara of Palembang . Parameswara declared independence from Majapahit and mounted a Lion Throne. After then being driven into exile by
4983-494: A temporary rise in domestic interest rates…. Thus, on macroeconomics… monetary policy has to be kept tight to restore confidence in the currency.... From the then IMF managing director Michel Camdessus : To reverse (currency depreciation), countries have to make it more attractive to hold domestic currency, and that means temporarily raising interest rates, even if this (hurts) weak banks and corporations. From 1985 to 1996, Thailand's economy grew at an average of over 9% per year,
5134-803: Is also a founding member of The Forum of Small States (FOSS) , a voluntary and informal grouping at the UN. Singapore maintains membership in other regional organisations, such as Asia–Europe Meeting , the Forum for East Asia-Latin American Cooperation , the Indian Ocean Rim Association , and the East Asia Summit . It is also a member of the Non-Aligned Movement, the United Nations and
5285-805: Is also a member of the United Nations , the World Trade Organization , the East Asia Summit , the Non-Aligned Movement , and the Commonwealth of Nations . The English name of "Singapore" is an anglicisation of the native Malay name for the country, Singapura ( pronounced [siŋapura] ), which was in turn derived from the Sanskrit word for 'lion city' ( Sanskrit : सिंहपुर ; romanised: Siṃhapura ; Brahmi : 𑀲𑀺𑀁𑀳𑀧𑀼𑀭 ; literally "lion city"; siṃha means 'lion', pura means 'city' or 'fortress'). Pulau Ujong
5436-588: Is enshrined in the constitution and continues to shape national policies in education, housing, and politics. Singapore is a parliamentary republic in the Westminster tradition of unicameral parliamentary government, and its legal system is based on common law . While the country is de jure a multi-party democracy with free elections , the government under the People's Action Party (PAP) wields widespread control and political dominance . The PAP has governed
5587-670: Is maintaining security in Southeast Asia and surrounding territories. An underlying principle is political and economic stability in the region. It has diplomatic relations with more than 180 sovereign states. As one of the five founding members of ASEAN , Singapore is a strong supporter of the ASEAN Free Trade Area (AFTA) and the ASEAN Investment Area (AIA); it is also the host of the APEC Secretariat. Singapore
5738-695: Is regarded as a key factor behind Singapore's political stability, economic growth, and harmonious social order. In 2021, the World Justice Project 's Rule of Law Index ranked Singapore as 17th overall among the world's 193 countries for adherence to the rule of law . Singapore ranked high on the factors of order and security (#3), absence of corruption (#3), regulatory enforcement (#4), civil justice (#8), and criminal justice (#7), and ranked significantly lower on factors of open government (#34), constraints on government powers (#32), and fundamental rights (#38). Singapore's stated foreign policy priority
5889-464: Is the right policy and that there is "clear evidence" of serious deterrence , and that the law should be looked at upon in the wider context of "saving lives", particularly citizens. In 2004, Amnesty International claimed that some legal provisions of the Singapore system for the death penalty conflict with "the right to be presumed innocent until proven guilty". The government has disputed Amnesty's claims, stating that their "position on abolition of
6040-583: The 1964 race riots . On 7 August 1965, Malaysian prime minister Tunku Abdul Rahman, seeing no alternative to avoid further bloodshed (and with the help of secret negotiations by PAP leaders, as revealed in 2015) advised the Parliament of Malaysia that it should vote to expel Singapore from Malaysia. On 9 August 1965, the Malaysian Parliament voted 126 to 0 to move a bill to amend the constitution, expelling Singapore from Malaysia, which left Singapore as
6191-597: The 2004 Indian Ocean earthquake and tsunami . Since 2009, the Republic of Singapore Navy (RSN) has deployed ships to the Gulf of Aden to aid in countering piracy efforts as part of Task Force 151 . The SAF also helped in relief efforts during Hurricane Katrina , and Typhoon Haiyan . Singapore is part of the Five Power Defence Arrangements (FPDA), a military alliance with Australia, Malaysia, New Zealand, and
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6342-659: The Commonwealth . While Singapore is not a formal member of the G20 , it has been invited to participate in G20 processes in most years since 2010. Singapore is also the location of the Pacific Economic Cooperation Council (PECC) Secretariat. In general, bilateral relations with other ASEAN members are strong; however, disagreements have arisen, and relations with neighbouring Malaysia and Indonesia have sometimes been strained. Malaysia and Singapore have clashed over
6493-490: The Digital and Intelligence Service . It is seen as the guarantor of the country's independence, translating into Singapore culture, involving all citizens in the country's defence. The government spent 2.7% of the country's GDP on the military in 2024, the highest in the region. After its independence, Singapore had only two infantry regiments commanded by British officers. Considered too small to provide effective security for
6644-518: The Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to " junk bond ". Although the rupiah crisis began in July and August 1997, it intensified in November when the effects of that summer devaluation showed up on corporate balance sheets. Companies that had borrowed in dollars had to face the higher costs imposed upon them by
6795-488: The Javanese , he usurped control over Temasek . He may have rechristened the area as Singapura , recalling the throne he had been driven from. Under Japanese occupation , Singapore was renamed Syonan-to ( Japanese : 昭 南 , Hepburn : Shōnan ) , meaning 'light of the south'. Singapore is sometimes referred to by the nickname the "Garden City", in reference to its parks and tree-lined streets. Another informal name,
6946-604: The Latin American debt crisis . The effects of the SAPs were mixed and their impact controversial. Critics, however, noted the contractionary nature of these policies, arguing that in a recession , the traditional Keynesian response was to increase government spending, prop up major companies, and lower interest rates. The reasoning was that by stimulating the economy and staving off recession , governments could restore confidence while preventing economic loss . They pointed out that
7097-479: The Leisure and Cultural Services Department , and aiming at promoting arts and providing venue for exhibition. It is located at 12 Oil Street, within the former clubhouse of Royal Hong Kong Yacht Club from 1908 to 1938, and next to the site of the demolished Government Supplies Department building, which housed the former Oil Street Artist Village. 1997 Asian financial crisis The 1997 Asian financial crisis
7248-459: The MATADOR anti-tank weapon. The SAF is being developed to respond to a wide range of issues in both conventional and unconventional warfare. The Defence Science and Technology Agency (DSTA) is responsible for procuring resources for the military. The geographic restrictions of Singapore mean that the SAF must plan to fully repulse an attack, as they cannot fall back and re-group. The small size of
7399-709: The Republic of Singapore Air Force (RSAF) maintains a number of overseas bases in Australia , the United States , and France . The RSAF's 130 Squadron is based in RAAF Base Pearce , Western Australia , and its 126 Squadron is based in the Oakey Army Aviation Centre , Queensland . The RSAF has one squadron—the 150 Squadron—based in Cazaux Air Base in southern France. The RSAF's overseas detachments in
7550-523: The Speakers' Corner . In the Corruption Perceptions Index , which ranks countries by "perceived levels of public sector corruption", Singapore has consistently ranked as one of the least corrupt countries in the world, in spite of being illiberal. Singapore's unique combination of a strong, soft authoritarian government with an emphasis on meritocracy is known as the "Singapore model", and
7701-449: The Strait of Malacca has been a cause of concern for all three countries. Close economic ties exist with Brunei , and the two share a pegged currency value, through a Currency Interchangeability Agreement between the two countries which makes both Brunei dollar and Singapore dollar banknotes and coins legal tender in either country. The first diplomatic contact with China was made in
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#17328524834787852-872: The equator , off the southern tip of the Malay Peninsula , bordering the Strait of Malacca to the west, the Singapore Strait to the south along with the Riau Islands in Indonesia , the South China Sea to the east, and the Straits of Johor along with the State of Johor in Malaysia to the north. Singapore's history dates back at least eight hundred years, having been a maritime emporium known as Temasek and subsequently
8003-428: The exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and intervened in the exchange market, buying up any excess domestic currency at
8154-455: The fixed exchange rate with foreign reserves . Neither of these policy responses could be sustained for long, as several countries had insufficient levels of foreign exchange reserves. Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. When it became clear that
8305-439: The most expensive cities to live in for expatriates and foreign workers . Singapore ranks highly in key social indicators: education , healthcare , quality of life , personal safety , infrastructure , and housing , with a home-ownership rate of 88 percent. Singaporeans enjoy one of the longest life expectancies , fastest Internet connection speeds , lowest infant mortality rates , and lowest levels of corruption in
8456-574: The " Little Red Dot ", was adopted after an article in the Asian Wall Street Journal of 4 August 1998 said that Indonesian President B. J. Habibie referred to Singapore as a red dot on a map. In 1299, according to the Malay Annals , the Kingdom of Singapura was founded on the island by Sang Nila Utama . Although the historicity of the accounts as given in the Malay Annals is
8607-472: The " structural adjustment package" (SAP). The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvency , penalize insolvent companies, and protect currency values. Above all, it was stipulated that IMF-funded capital had to be administered rationally in
8758-432: The "General Agreement to Borrow" and the "Emergency Finance Mechanism". The scope and the severity of the collapses led to an urgent need for outside intervention. Since the countries melting down were among the richest in their region, and in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international. The International Monetary Fund created
8909-439: The "benevolent" yet "highly authoritarian" colonial system of governance inherited from Britain rather than forging a full democracy. A conservative ideology of " Asian values " evolved to replace British rule, based on "communal loyalty, distrust of government, and avoidance of individual or collective responsibility for wider public interests", with less regard for human rights in the nascent Western sense. The fact that "neither
9060-422: The 15th century, after the establishment of the Kingdom of Singapura on the island by a fleeing Sumatran Raja (prince) from Palembang . However, the precise time and reason for the name change is unknown. The semi-historical Malay Annals state that Temasek was christened Singapura by Sang Nila Utama , a 13th-century Sumatran Raja from Palembang . The Annals state that Sang Nila Utama encountered
9211-532: The 1970s, with full diplomatic relations established in the 1990s. China has been Singapore's largest trading partner since 2013, after surpassing Malaysia. Singapore and the United States share a long-standing close relationship, in particular in defence, the economy, health, and education. Singapore has also increased co-operation with ASEAN members and China to strengthen regional security and fight terrorism, and participated in ASEAN's first joint maritime exercise with China in 2018. It has also given support to
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#17328524834789362-472: The 1990s after the implementation of a number of export-oriented reforms. Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early 1990s. Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. The resulting large quantities of credit that became available generated
9513-491: The 1990s, hot money flew into the Southeast Asia region through financial hubs , especially Hong Kong. The investors were often ignorant of the actual fundamentals or risk profiles of the respective economies, and once the crisis gripped the region, the political uncertainty regarding the future of Hong Kong as an Asian financial centre led some investors to withdraw from Asia altogether. This shrink in investments only worsened
9664-610: The East", and military discussions often referred to the base as simply " East of Suez ". However, the British Home Fleet was stationed in Europe, and the British could not afford to build a second fleet to protect their interests in Asia. The plan was for the Home Fleet to sail quickly to Singapore in the event of an emergency. As a consequence, after World War II broke out in 1939, the fleet
9815-549: The IMF, the reserves of Thailand and South Korea were perilously low, and the Indonesian Rupiah was excessively depreciated. Thus, the first order of business was... to restore confidence in the currency. To achieve this, countries have to make it more attractive to hold domestic currency, which in turn, requires increasing interest rates temporarily, even if higher interest costs complicate the situation of weak banks and corporations... Why not operate with lower interest rates and
9966-513: The Japanese changed its image in the eyes of Singaporeans. British Military Administration ended on 1 April 1946, and Singapore became a separate Crown Colony . In July 1947, separate Executive and Legislative Councils were established and the election of six members of the Legislative Council was scheduled for the following year. During the 1950s, Chinese communists , with strong ties to
10117-419: The PAP drop to 61% of the vote, while the Workers' Party took 10 of the 93 seats, the highest number ever won by another party. On 15 May 2024, Lawrence Wong became Singapore's fourth Prime Minister; he is the first prime minister born after independence. Singapore is a parliamentary republic based on the Westminster system . The Constitution of Singapore is the supreme law of the country, establishing
10268-514: The People's Action Party has led to Singapore being described by academics as an illiberal democracy , or a soft-authoritarian state in which the PAP faces little to no feasible political competition to its rule of the country. The multi-party democratic process of Singapore has been described as "minimal" in comparison to the state's focus on economic development and social order. According to Gordon P. Means, professor emeritus of political science at McMaster University , Singapore reinvented
10419-503: The Philippines dropped to virtually zero. Only Singapore proved relatively insulated from the shock, but nevertheless suffered serious hits in passing, mainly due to its status as a major financial hub and its geographical proximity to Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the crisis, economies in East and Southeast Asia worked together toward financial stability and better financial supervision. The causes of
10570-475: The Singapore Government to create the Singapore Armed Forces (SAF) from scratch, and Israeli instructors were brought in to train Singaporean soldiers. Military courses were conducted according to the IDF's format, and Singapore adopted a system of conscription and reserve service based on the Israeli model . Singapore still maintains strong security ties with Israel and is one of the biggest buyers of Israeli arms and weapons systems, with one recent example being
10721-412: The Temenggong's help, Raffles managed to smuggle Tengku Long back into Singapore. Raffles offered to recognise Tengku Long as the rightful Sultan of Johor, under the title of Sultan Hussein , as well as provide him with a yearly payment of $ 5000 and another $ 3000 to the Temenggong; in return, Sultan Hussein would grant the British the right to establish a trading post on Singapore. The Treaty of Singapore
10872-464: The U.S. government had pursued expansionary policies, such as lowering interest rates, increasing government spending, and cutting taxes, when the United States itself entered a recession in 2001, and arguably the same in the fiscal and monetary policies during the 2008–2009 Global Financial Crisis. Many commentators in retrospect criticized the IMF for encouraging the developing economies of Asia down
11023-542: The US-led coalition to fight terrorism, with bilateral co-operation in counter-terrorism and counter-proliferation initiatives, and joint military exercises. As Singapore has diplomatic relations with both the United States and North Korea , and was one of the few countries that have relationships with both countries, in June 2018, it hosted a historic summit between US President Donald Trump and North Korean leader Kim Jong-un ,
11174-587: The USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis. Thailand's booming economy came to a halt amid massive layoffs in finance, real estate, and construction that resulted in huge numbers of workers returning to their villages in
11325-625: The United Kingdom. According to the 2024 Global Peace Index , Singapore is the 5th most peaceful country in the world. Capital punishment is a legal and enforced penalty in Singapore. The country is one of four in the developed world to retain the death penalty, along with the United States , Japan and Taiwan . Particularly, its use against drug trafficking has been a source of contention with non-governmental organisations such as Amnesty International and Human Rights Watch . The government has responded that it has "no doubts" that it
11476-467: The United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At
11627-741: The United States are: Luke Air Force Base in Arizona , Marana in Arizona, Mountain Home Air Force Base in Idaho , and Andersen Air Force Base in Guam . The SAF has sent forces to assist in operations outside the country, in areas such as Iraq , and Afghanistan , in both military and civilian roles. In the region, they have helped to stabilise East Timor and have provided aid to Aceh in Indonesia following
11778-570: The affected countries were at the EMEAP (Executive Meeting of East Asia Pacific) meeting in Shanghai, and they failed to make the "New Arrangement to Borrow" operational. A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto , Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under
11929-401: The chain objectives of tightened money supply , discouraged currency speculation , stabilized exchange rate, curbed currency depreciation, and ultimately contained inflation . In the Asian meltdown, highest IMF officials rationalized their prescribed high interest rates as follows: From then IMF First Deputy managing director, Stanley Fischer in 1998: When their governments "approached
12080-577: The country continuously since full internal self-government was achieved in 1959, and holds a supermajority in Parliament . One of the five founding members of ASEAN , Singapore is also the headquarters of the Asia-Pacific Economic Cooperation Secretariat, the Pacific Economic Cooperation Council Secretariat, and is the host city of many international conferences and events . Singapore
12231-472: The country to balance its budget and repay its debts to the IMF in 2003, four years ahead of schedule. The Thai baht continued to appreciate to 29 Baht to the U.S. dollar in October 2010. In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $ 900 million, huge foreign exchange reserves of more than $ 20 billion, and a good banking sector. However,
12382-602: The country's third prime minister. Lee Hsien Loong's tenure included the 2007–2008 financial crisis , the resolution of a dispute over land ownership at Tanjong Pagar railway station between Singapore and Malaysia, the introduction of the two integrated resorts (IRs), located at the Marina Bay Sands and Resorts World Sentosa , and the COVID-19 pandemic . The PAP suffered its worst ever electoral results in 2011, winning just 60% of votes, amidst debate over issues including
12533-611: The country, many factors arising from all aspects, including sports broadcasting on Indonesian television, including: Additionally, the Indonesian motorcycle Grand Prix , which was held at Sentul , was dropped from the 1998 Superbike and MotoGP calendars. World Rally Championship also dropped the Rally Indonesia from their 1998 calendar . The banking sector was burdened with non-performing loans as its large corporations were funding aggressive expansions. During that time, there
12684-853: The countryside and 600,000 foreign workers being sent back to their home countries. The baht devalued swiftly and lost more than half of its value. The baht reached its lowest point of 56 units to the U.S. dollar in January 1998. The Thai stock market dropped 75%. Finance One, the largest Thai finance company until then, collapsed. On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $ 17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions. The IMF approved on 20 August 1997, another bailout package of $ 2.9 billion. Poverty and inequality increased while employment, wages and social welfare all declined as
12835-412: The crisis spread, other Southeast Asian countries and later Japan and South Korea saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt . Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea,
12986-744: The death penalty is by no means uncontested internationally" and that the report contains "grave errors of facts and misrepresentations". From 1938 to 2023, sexual relations between men were technically illegal under Section 377A of the Penal Code , first introduced during British colonial rule. During the last few decades, this law was mostly unenforced and pressure to repeal it increased as homosexuality became more accepted by Singaporean society. Meanwhile, sexual relations between women had always been legal. In 2022, Prime Minister Lee Hsien Loong announced that Singapore would repeal 377A, effectively decriminalising homosexual behaviour. Nevertheless, he added that
13137-477: The debacle are many and disputed. Thailand's economy developed into an economic bubble fueled by hot money . More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called " crony capitalism ". The short-term capital flow was expensive and often highly conditioned for quick profit . Development money went in
13288-579: The delivery of fresh water to Singapore, and access by the Singapore Armed Forces to Malaysian airspace. Border issues exist with Malaysia and Indonesia, and both have banned the sale of marine sand to Singapore over disputes about Singapore's land reclamation. Some previous disputes, such as the Pedra Branca dispute , have been resolved by the International Court of Justice . Piracy in
13439-630: The domestic situation in Indonesia. After 30 years in power, Indonesian President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah . The effects of the crisis lingered through 1998, where many important stocks fell in Wall Street as a result of a dip in the values of the currencies of Russia and Latin American countries that weakened those countries' "demand for U.S. exports." In 1998, growth in
13590-624: The economic environment. The devaluation of the Chinese renminbi and the Japanese yen , subsequent to the latter's strengthening due to the Plaza Accord of 1985, the raising of U.S. interest rates which led to a strong U.S. dollar, and the sharp decline in semiconductor prices, all adversely affected their growth. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation . This made
13741-579: The end of the 14th century, its ruler Parameswara was attacked by either the Majapahit or the Siamese, forcing him to move to Malacca where he founded the Sultanate of Malacca . Archaeological evidence suggests that the main settlement on Fort Canning Hill was abandoned around this time, although a small trading settlement continued in Singapore for some time afterwards. In 1613, Portuguese raiders burned down
13892-457: The fighting for Singapore were heavy, with a total of nearly 85,000 personnel captured. About 5,000 were killed or wounded, of which Australians made up the majority. Japanese casualties during the fighting in Singapore amounted to 1,714 killed and 3,378 wounded. The occupation was to become a major turning point in the histories of several nations, including those of Japan , Britain , and Singapore. Japanese newspapers triumphantly declared
14043-449: The financial conditions in Asia (subsequently leading to the depreciation of the Thai baht on 2 July 1997). Several case studies on the topic of the application of network analysis of a financial system help to explain the interconnectivity of financial markets , as well as the significance of the robustness of hubs (or main nodes). Any negative externalities in the hubs creates
14194-708: The first-ever meeting between the sitting leaders of the two nations. It also hosted the Ma–Xi meeting in 2015, the first meeting between the political leaders of the two sides of the Taiwan Strait since the end of the Chinese Civil War in 1950. The Singaporean military, arguably the most technologically advanced in Southeast Asia, consists of the Army , the Navy , the Air Force and
14345-545: The formal surrender of Japanese forces in the region from General Seishirō Itagaki on behalf of General Hisaichi Terauchi on 12 September 1945. Meanwhile, Tomoyuki Yamashita was tried by a US military commission for war crimes, but not for crimes committed by his troops in Malaya or Singapore. He was convicted and hanged in the Philippines on 23 February 1946. Much of the infrastructure in Singapore had been destroyed during
14496-497: The future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced. There were to be adequate government controls set up to supervise all financial activities, ones that were to be independent, in theory, of private interest. Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In addition, financial systems were to become "transparent", that is, provide
14647-404: The highest economic growth rate of any country at the time. Inflation was kept reasonably low within a range of 3.4–5.7%. The baht was pegged at 25 to the U.S. dollar. On 14 and 15 May 1997, the Thai baht was hit by massive speculative attacks. On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht. However, Thailand lacked the foreign reserves to support
14798-580: The influx of foreign workers and the high cost of living. On 23 March 2015, Lee Kuan Yew died , and a one-week period of public mourning was observed nationwide. Subsequently, the PAP regained its dominance in Parliament through the September general election , receiving 69.9% of the popular vote, although this remained lower than the 2001 tally of 75.3% and the 1968 tally of 86.7%. The 2020 election held in July saw
14949-467: The international financial community. Later that year, in July, South Korea's third-largest car maker, Kia Motors , asked for emergency loans. The domino effect of collapsing large South Korean companies drove the interest rates up and international investors away. In the wake of the Asian market downturn, Moody's lowered the credit rating of South Korea from A1 to A3, on 28 November 1997, and downgraded again to B2 on 11 December. That contributed to
15100-439: The introduction of the non-constituency members of parliament in 1984 to allow up to three losing candidates from opposition parties to be appointed as MPs. Group representation constituencies (GRCs) were introduced in 1988 to create multi-seat electoral divisions, intended to ensure minority representation in parliament. Nominated members of parliament were introduced in 1990 to allow non-elected non-partisan MPs. The constitution
15251-532: The island became a global centre for rubber sorting and export. Singapore was not greatly affected by the First World War (1914–18), as the conflict did not spread to Southeast Asia . The only significant event during the war was the 1915 Singapore Mutiny by Muslim sepoys from British India, who were garrisoned in Singapore. After hearing rumours that they were to be sent to fight the Ottoman Empire ,
15402-492: The kind of financial information used in the West to make financial decisions. As countries fell into crisis, many local businesses and governments that had taken out loans in US dollars, which suddenly became much more expensive relative to the local currency which formed their earned income, found themselves unable to pay their creditors. The dynamics of the situation were similar to that of
15553-490: The legal tradition established during British rule and with substantial local differences. Criminal law is based on the Indian Penal Code originally intended for British India , and was at the time as a crown colony also adopted by the British colonial authorities in Singapore and remains the basis of the criminal code in the country with a few exceptions, amendments and repeals since it came into force. Trial by jury
15704-477: The main island, training involving activities such as live firing and amphibious warfare are often carried out on smaller islands, typically barred to civilian access. However, large-scale drills, considered too dangerous to be performed in the country, have been performed in other countries such as Brunei, Indonesia, Thailand and the United States. In general, military exercises are held with foreign forces once or twice per week. Due to airspace and land constraints,
15855-463: The merger would prevent Singapore from becoming a haven for communism. To obtain a mandate for a merger, the PAP held a referendum on the merger . This referendum included a choice of different terms for a merger with Malaysia and had no option for avoiding merger altogether. On 16 September 1963, Singapore joined with Malaya, the North Borneo, and Sarawak to form the new Federation of Malaysia under
16006-661: The merger, the Singaporean government and the Malaysian central government disagreed on many political and economic issues. Despite an agreement to establish a common market, Singapore continued to face restrictions when trading with the rest of Malaysia. In retaliation, Singapore did not extend to Sabah and Sarawak the full extent of the loans agreed to for economic development of the two eastern states. Talks soon broke down, and abusive speeches and writing became rife on both sides. This led to communal strife in Singapore, culminating in
16157-472: The new country, the development of its military forces became a priority. In addition, in October 1971, Britain pulled its military out of Singapore, leaving behind only a small British, Australian and New Zealand force as a token military presence. A great deal of initial support came from Israel , a country unrecognised by Singapore's neighbouring Muslim-majority nations of Malaysia and Indonesia. The Israel Defense Forces (IDF) commanders were tasked by
16308-731: The new port. The island was then nominally ruled by Tengku Abdul Rahman , the Sultan of Johor , who was controlled by the Dutch and the Bugis . However, the Sultanate was weakened by factional division: Abdul Rahman , the Temenggong of Johor to Tengku Abdul Rahman, as well as his officials, were loyal to the Sultan's elder brother Tengku Long , who was living in exile in Penyengat Island , Riau Islands . With
16459-407: The next half-century. Economic growth continued throughout the 1980s, with the unemployment rate falling to 3% and real GDP growth averaging at about 8% up until 1999. During the 1980s, Singapore began to shift towards high-tech industries, such as the wafer fabrication sector, in order to remain competitive as neighbouring countries began manufacturing with cheaper labour. Singapore Changi Airport
16610-443: The path of "fast-track capitalism", meaning liberalization of the financial sector (elimination of restrictions on capital flows), maintenance of high domestic interest rates to attract portfolio investment and bank capital, and pegging of the national currency to the dollar to reassure foreign investors against currency risk. The conventional high-interest-rate economic strategy is normally employed by monetary authorities to attain
16761-506: The population has also affected the way the SAF has been designed, with a small active force and a large number of reserves. Singapore has conscription for all able-bodied males at age 18, except those with a criminal record or who can prove that their loss would bring hardship to their families. Males who have yet to complete pre-university education, are awarded the Public Service Commission (PSC) scholarship, or are pursuing
16912-640: The press as well as some civil and political rights. In 2023, Singapore was ranked 129th out of 180 nations by Reporters Without Borders on the global Press Freedom Index . Freedom House ranks Singapore as "partly free" in its Freedom in the World report, and the Economist Intelligence Unit ranks Singapore as a "flawed democracy", the second freest rank of four, in its " Democracy Index ". All public gatherings of five or more people require police permits, and protests may legally be held only at
17063-537: The program, 787 insolvent financial institutions were closed or merged by June 2003. The number of financial institutions in which foreign investors invested has increased rapidly. Examples include New Bridge Capital's takeover of Korea First Bank. The South Korean won , meanwhile, weakened to more than 1,700 per U.S. dollar from around 800, but later managed to recover. However, like the chaebol, South Korea's government did not escape unscathed. Its national debt -to-GDP ratio more than doubled (approximately 13% to 30%) as
17214-442: The public nor elites had experience with democracy" helped create Singapore's political culture, as dominated by status-focused hierarchies committed to economic development. The legacy of Asian values and the limited political culture within Singapore has led to the country being described as "classic illustration of soft authoritarianism", and "profoundly illiberal". The judicial system is based on English common law , continuing
17365-461: The rate was almost exactly 8,000 to 1 U.S. dollar. Indonesia lost 13.5% of its GDP that year. In February 1998, President Suharto sacked the incumbent Bank Indonesia governor, J. Soedradjad Djiwandono , but this proved insufficient. Amidst widespread rioting in May 1998 , Suharto resigned under public pressure and Vice President B. J. Habibie replaced him. As a result of the financial crisis that hit
17516-555: The ratios rose from 13% to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise. South Korea , Indonesia and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Japan , Singapore , Taiwan , and Vietnam were less affected, although all suffered from
17667-453: The repeal will not affect the recognition of "traditional familial and societal norms," including how marriage is defined, leaving the legal status of same-sex marriage unchanged for the time, although the possibility of civil unions was not officially ruled out. Lee described this as a compromise between the conservative (and often religious) and progressive elements of Singaporean society to prevent further political fracturing. The law
17818-405: The role of asymmetric information in the financial markets that led to a " herd mentality " among investors that magnified a small risk in the real economy. The crisis has thus attracted attention from behavioral economists interested in market psychology . Another possible cause of the sudden risk shock may also be attributable to the handover of Hong Kong sovereignty on 1 July 1997 . During
17969-408: The role of the real economy in the crisis compared to the financial markets. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs pointed to strict monetary and contractionary fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to
18120-546: The rupiah currency trading band from 8% to 12%. As a result, the rupiah suddenly came under severe attack in August. Therefore, on the 14th of the month, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further due to the shift. The IMF came forward with a rescue package of $ 23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars. The rupiah and
18271-458: The rupiah's decline, and many reacted by buying dollars through selling rupiah, undermining the value of the latter further. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 U.S. dollar. The rate plunged to over 11,000 rupiah to 1 U.S. dollar on 9 January 1998, with spot rates over 14,000 during 23–26 January and trading again over 14,000 for about six weeks during June–July 1998. On 31 December 1998,
18422-694: The same sex were not wrong at all or not wrong most of the time, up from 10% in 2013. The survey found that 27% felt the same way about same-sex marriage (an increase from 15% in 2013) and 30% did so about same-sex couples adopting a child (an increase from 24% in 2013). In 2021, six Singaporeans protested for improved trans protections in the educational system outside the Ministry of Education headquarters at Buona Vista . Pimps often traffic women from neighbouring countries such as China , Malaysia and Vietnam at their brothels as well as rented apartments and hostels for higher profit margins when they get
18573-448: The same time, Southeast Asia's export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation. China had begun to compete effectively with other Asian exporters particularly in
18724-474: The settlement, and the island faded into obscurity for the next two centuries. By then, Singapore was nominally part of the Johor Sultanate . The wider maritime region and much trade was under Dutch control for the following period after the 1641 Dutch conquest of Malacca . The British governor Stamford Raffles arrived in Singapore on 28 January 1819 and soon recognised the island as a natural choice for
18875-563: The site of the former airport at Kai Tak as well as several factory buildings. In 2001, they were allowed to settle in the former Ma Tau Kok Quarantine Depot, that was subsequently renamed Cattle Depot Artist Village . Artists groups also moved later into industrial buildings in Fo Tan . The Oil Street Government Supplies Department building that had been rented to artists was finally demolished years later, after land sale had been further postponed. The Oi! art space opened in 2013, developed by
19026-410: The start of the crisis to 46.50 pesos in early 1998 to 53 pesos as in July 2001. Singapore Singapore , officially the Republic of Singapore , is an island country and city-state in Southeast Asia . The country's territory comprises one main island , 63 satellite islands and islets , and one outlying islet . It is about one degree of latitude (137 kilometres or 85 miles) north of
19177-433: The structure and responsibility of governance. The President is the head of state . The governance of Singapore is separated into three branches: The president is directly elected by popular vote for a renewable six-year term. Requirements for this position, which were enacted by the PAP government, are extremely stringent, such that only a handful of people qualify for the candidacy. These qualifications include that
19328-608: The subject of academic debates, it is nevertheless known from various documents that Singapore in the 14th century, then known as Temasek , was a trading port under the influence of both the Majapahit Empire and the Siamese kingdoms, and was a part of the Indosphere . These Indianised kingdoms were characterised by surprising resilience, political integrity and administrative stability. Historical sources also indicate that around
19479-515: The terms of the Malaysia Agreement . Under this Agreement, Singapore had a relatively high level of autonomy compared to the other states of Malaysia. Indonesia opposed the formation of Malaysia due to its own claims over Borneo and launched Konfrontasi ("Confrontation" in Indonesian) in response to the formation of Malaysia. On 10 March 1965, a bomb planted by Indonesian saboteurs on
19630-466: The tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float . The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis. Other economists, including Joseph Stiglitz and Jeffrey Sachs , have downplayed
19781-592: The trade unions and Chinese schools, waged a guerrilla war against the government, leading to the Malayan Emergency . The 1954 National Service riots , Hock Lee bus riots , and Chinese middle schools riots in Singapore were all linked to these events. David Marshall , pro-independence leader of the Labour Front , won Singapore's first general election in 1955. He led a delegation to London , and Britain rejected his demand for complete self-rule. He resigned and
19932-483: The two. It was thought that reuniting with Malaya would benefit the economy by creating a common market, alleviating ongoing unemployment woes in Singapore. However, a sizeable left-wing faction of the PAP was strongly opposed to the merger, fearing a loss of influence, and hence formed the Barisan Sosialis , after being kicked out from the PAP. The ruling party of Malaya, United Malays National Organisation (UMNO),
20083-623: The victory as deciding the general situation of the war. Between 5,000 and 25,000 ethnic Chinese people were killed in the subsequent Sook Ching massacre . British forces had planned to liberate Singapore in 1945/1946; however, the war ended before these operations could be carried out. After the Japanese surrender to the Allies on 15 August 1945, Singapore fell into a brief state of violence and disorder; looting and revenge-killing were widespread. British, Australian, and Indian troops led by Lord Louis Mountbatten returned to Singapore to receive
20234-410: The war, including those needed to supply utilities. A shortage of food led to malnutrition, disease, and rampant crime and violence. A series of strikes in 1947 caused massive stoppages in public transport and other services. However, by late 1947 the economy began to recover, facilitated by a growing international demand for tin and rubber. The failure of Britain to successfully defend its colony against
20385-487: The world. It has the third highest population density of any country in the world , although there are numerous green and recreational spaces as a result of urban planning . With a multicultural population and in recognition of the cultural identities of the major ethnic groups within the nation, Singapore has four official languages : English , Malay , Mandarin , and Tamil . English is the common language , with exclusive use in numerous public services . Multi-racialism
20536-574: Was a haste to build great conglomerates to compete on the world stage. Many businesses ultimately failed to ensure returns and profitability. The chaebol , South Korean conglomerates, simply absorbed more and more capital investment. Eventually, excess debt led to major failures and takeovers. Amongst other stimuli, the crisis resulted in the bankruptcy of major Korean companies, provoking not only corporations, but also government officials towards corruption. The Hanbo scandal of early 1997 exposed South Korea's economic weaknesses and corruption problems to
20687-470: Was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion . However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided. Originating in Thailand, where it
20838-494: Was abolished in 1970. Singapore is known for its strict laws and conservative stances on crime; both corporal punishment (by caning ) and capital punishment (by hanging ) are retained and commonly used as legal penalties. The right to freedom of speech and association is guaranteed by Article 14(1) of the Constitution of Singapore , although there are provisions in the subsequent subsection that regulate them. The government has restricted freedom of speech and freedom of
20989-420: Was amended in 1991 to provide for an elected president who has veto power in the use of past reserves and appointments to certain public offices. In 1990, Goh Chok Tong succeeded Lee and became Singapore's second prime minister. During Goh's tenure, the country went through the 1997 Asian financial crisis and the 2003 SARS outbreak. In 2004, Lee Hsien Loong , the eldest son of Lee Kuan Yew , became
21140-501: Was dissolved due to the crisis, and eventually Daewoo Motors was sold to the American company General Motors (GM). The International Monetary Fund (IMF) provided US$ 58.4 billion as a bailout package. In return, Korea was required to take restructuring measures. The ceiling on foreign investment in Korean companies was raised from 26 percent to 100 percent. In addition, the Korean government started financial sector reform program. Under
21291-533: Was fully occupied with defending Britain, leaving Singapore vulnerable to Japanese invasion . During the Pacific War , the Japanese invasion of Malaya culminated in the Battle of Singapore . When the British force of 60,000 troops surrendered on 15 February 1942, British prime minister Winston Churchill called the defeat "the worst disaster and largest capitulation in British history". British and Empire losses during
21442-456: Was granted in 1959. The PAP, self-described as pragmatic, have a syncretic ideology combining free-market principles , civil nationalism , and welfarism . Despite promulgating restrictions on civil liberties, Singapore under the PAP has seen consistent economic growth and political stability. The most represented and popular opposition party is the centre-left Workers' Party , which holds 8 seats in Parliament. The long-standing hegemony of
21593-402: Was known as part of the " Asian economic miracle ". In the mid-1990s, Thailand , Indonesia and South Korea had large private current account deficits, and the maintenance of fixed exchange rates encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors. In the mid-1990s, a series of external shocks began to change
21744-482: Was known as the Tom Yum Kung crisis ( Thai : วิกฤตต้มยำกุ้ง ) on 2 July, it followed the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its currency peg to the U.S. dollar . Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt . As
21895-403: Was nonetheless the largest dry dock in the world, the third-largest floating dock , and had enough fuel tanks to support the entire British navy for six months. The base was defended by heavy 15-inch (380 mm) naval guns stationed at Fort Siloso , Fort Canning and Labrador, as well as a Royal Air Force airfield at Tengah Air Base . Winston Churchill touted it as the " Gibraltar of
22046-510: Was officially repealed on 3 January 2023. Pink Dot SG , an event held in support of the LGBT community, has drawn thousands of people annually since 2009 with increasing attendance. According to a survey conducted by the Institute of Policy Studies in 2019, Singaporean society has become more liberal on LGBT rights. In the survey, more than 20% of people said that sexual relations between adults of
22197-456: Was one of the earliest references to Singapore Island, which corresponds to a Chinese account from the third century referred to a place as Pú Luó Zhōng ( Chinese : 蒲 羅 中 ), a transcription of the Malay name for 'island at the end of a peninsula '. Early references to the name Temasek (or Tumasik) are found in the Nagarakretagama , a Javanese eulogy written in 1365, and
22348-488: Was opened in 1981 and Singapore Airlines was formed. The Port of Singapore became one of the world's busiest ports and the service and tourism industries also grew immensely during this period. The PAP has remained in power since independence. Some activists and opposition politicians see the government's strict regulation of political and media activities as an infringement on political rights. In response, Singapore has seen several significant political changes, such as
22499-512: Was replaced by Lim Yew Hock in 1956, and after further negotiations Britain agreed to grant Singapore full internal self-government for all matters except defence and foreign affairs on 3 June 1959. Days before, in the 30 May 1959 election , the People's Action Party (PAP) won a landslide victory. Governor Sir William Allmond Codrington Goode served as the first Yang di-Pertuan Negara (Head of State). PAP leaders believed that Singapore's future lay with Malaya, due to strong ties between
22650-427: Was signed on 6 February 1819. In 1824, a further treaty with the Sultan led to the entire island becoming a part of the British Empire . In 1826, Singapore became part of the Straits Settlements , then under the jurisdiction of British India . Singapore became the regional capital in 1836. Prior to Raffles' arrival, there were only about a thousand people living on the island, mostly indigenous Malays along with
22801-410: Was staunchly anti-communist, and it was suspected UMNO would support the non-communist factions of PAP. UMNO, initially sceptical of the idea of a merger due to distrust of the PAP government and concern that the large ethnic Chinese population in Singapore would alter the racial balance in Malaya on which their political power base depended, became supportive of the idea of the merger due to joint fear of
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