Singapore is a tiny country, but it’s managed to become an Asian economic hub. CNBC’s Xin En Lee explains how the country went from third world to first world.
To much of the outside world, Singapore is a capitalist utopia of low taxes and prosperity for all. In reality, the city-state is starting to have serious doubts about its widely admired model.
A growing fear among locals that social mobility has slowed is pushing the government to re-examine some of the policies that have made it one of the wealthiest nations in the world.
Workers from overseas were among the first to get caught in the cross hairs. Hiring criteria got tighter after competition for jobs became a theme of the 2020 election, with the ruling People’s Action Party suffering the worst parliamentary results since taking office in 1965.