Singapore’s Economic Status 1960-1965
The major challenges experienced in Singapore between 1960 and 1965 were in overcoming the high unemployment rate. The government understood that extensive growth in the manufacturing industries was the only option to increase employment, but during this period, Singapore’s economy was too dependent on Interpol trade for the East India Company, as a result manufacturing sector was undeveloped. Besides, there was very little capital available to finance growth of manufacturing sector. Hence, the country inherited a large pool of unemployed workers with over 13% of the workforce being unemployed, or having low skilled labor, and poor or wretched housing conditions.
Another challenge that faced Singapore was to build a viable state which had legitimacy. A merger with Malaysia that was expected to create bigger market seemed as the solution. However, this was not the case. Between 1960 and 1965 Singapore became part of the Malaysia. This merger was thought to benefit the country’s economy by creating common, free market, and improving the country’s internal security. Nonetheless, this union was uneasy. Disputes between the federal government and the Singapore state government occurred on different issues led to the independence in 1965.
Between 1960 and 1965, Singapore’s education system faced major challenges. For instance, there were low investments in the school infrastructure. The country relied on the inappropriate British-based curriculum. Education in the country was poorly interconnected to the emerging economic needs and additionally, the country teacher training infrastructures were poor and had low status of teachers (Abeysinghe & Choy 2007).
Scarcity of financial resources and inadequate trained personnel was also a major challenge in Singapore economic development. According to Heng (2013), scarcity of resources is amongst the most vital economic development hindrances that require investment of vast...