1978 — Money moves freely
Opening to the world
S$9.2b
The total amount of Singapore’s foreign assets when exchange controls were abolished in 1978. The 40-year-old system had limited how much foreign currency individuals could buy; ending it enabled banks to provide global financing without limit and investors to deal more freely in currencies such as US dollars and pound sterling.
1978 — Tragedy at the shipyard
Shocks and comebacks
76 lives
The lives lost in the explosion aboard the Greek tanker Spyros at Jurong Shipyard, Singapore’s deadliest industrial accident. A government-appointed commission later found lapses in safety practices on the vessel, prompting a wider focus on workplace safety as Singapore industrialised.
1979 — Forced to move up
Building and connecting Singapore
20,000 workers
The number of manufacturing workers expected to require retraining as Singapore tried to shift from low-wage manufacturing towards higher-value production. The National Wages Council recommended sharp pay increases to push companies to improve productivity, alongside contributions to a new Skills Development Fund.
1980 — Savings for private property
Money and markets
90%
The proportion of CPF savings and monthly contributions that members could use to buy private housing. The funds could cover a purchase or mortgage, and there was no requirement to live in the property, expanding the CPF’s role beyond retirement savings.
1980 — A semiconductor foothold
Opening to the world
US$15m
The minimum estimated investment in Texas Instruments’ memory-chip plant, which made Singapore the first Asean country to manufacture advanced memory chips. The plant was so advanced that the company planned to send most of its staff for training in the US, which supported Singapore’s push into electronics and higher-value manufacturing.
1981 — A new gateway takes flight
Building and connecting Singapore
23,000 feet
The designated height flown by SQ 101 from Kuala Lumpur, the first commercial flight to land at Changi Airport, which replaced Paya Lebar Airport. Passengers were welcomed by a lion dance as well as stakeholders from the aviation and tourism industries, and mementos were handed out by Singapore Airlines' stewardesses.
1981 — Building up national wealth
Money and markets
S$2m
GIC’s authorised capital when it was incorporated on May 22, 1981, to manage Singapore’s growing external assets. The institution could pursue opportunities in Singapore and overseas, invest inside and outside conventional financial markets, and consider property investments.
1982 — Rethinking the cost of foreign labour
Building and connecting Singapore
30%
The original foreign-worker levy as a share of wages, capped at S$150 for each worker. The scheme was intended to reduce dependence on low-skilled foreign labour and prevent foreign workers from being cheaper to employ than Singaporeans. CPF contributions for foreign workers were also removed.
1983 — Shipyard grows beyond shipping
Money and markets
S$2b
The gross assets of the Keppel-Straits Steamship combination, then Singapore’s largest locally incorporated listed industrial company. Keppel Shipyard’s S$500 million acquisition helped form Keppel Corporation, with the acquired group’s businesses later including what became Keppel Land and Keppel Telecommunications & Transportation.
1983 — Defending the Singdollar
Money and markets
US$50m
The amount that the Monetary Authority of Singapore sold through a broker to support the Singapore dollar. Rumours of a devaluation had spread amid looming US interest-rate increases and a weaker Indonesian rupiah, but the intervention helped quell the speculation.
1985 — Growth goes backwards
Shocks and comebacks
-3.5%
Singapore’s third-quarter GDP contracted during its first post-independence recession, ending two decades of almost uninterrupted growth. Policymakers later described the downturn as partly "self-inflicted", arguing that steep wage increases in the early 1980s had weakened the country’s competitiveness.
1986 — A blueprint for recovery
Shocks and comebacks
S$2.7b
The additional stimulus proposed by a 12-member Economic Committee to help Singapore recover from recession. Its wider blueprint included cutting the employer CPF contribution rate by 15 percentage points, and reducing the maximum corporate and personal income-tax rates from 40 per cent to 30 per cent.
1987 — A day of stock market turmoil
Shocks and comebacks
-12.1%
The Straits Times Index’s fall on Black Monday, Oct 19, 1987 – its biggest one-day decline at the time. The index shed about 170 points to 1,223.28, wiping more than S$15 billion from market capitalisation, an amount BT described as enough to build three MRT projects.
1987 — A new method of transport
Building and connecting Singapore
18 km
The approximate length of the MRT network in service by Dec 12, 1987, when it expanded to 14 stations. The first 6 km, five-station stretch between Yio Chu Kang and Toa Payoh had opened a month earlier. Stations soon attracted banks, pharmacies and other retailers seeking commuter traffic.
1988 — Sharing the gains
Money and markets
12%
The employer CPF contribution rate after it was raised by two percentage points in 1988. The increase followed a first-quarter economic growth of about 11 per cent – then the highest quarterly rate since such figures were first produced in 1975 – while the employee rate was cut by one percentage point to 24 per cent.
1990 — The price of unfair trading
Power, rules and accountability
S$45,000
The fine imposed in Singapore’s first corporate insider-trading conviction. United Insulation Services, a subsidiary of Wah-Chang Electro Plating, pleaded guilty to illegally acquiring 30,500 shares in its parent company on Oct 20, 1989.
1992 — Home-grown tech heads to America
Opening to the world
4.8m shares
The size of Creative Technology’s Nasdaq offering at US$12 a share, which made it the first Singapore company to list in the US. The offer drew a subscription rate of more than five times, as the company’s Sound Blaster product grew into a dominant name in personal computer sound cards.
1992 — Neighbours open up to trade
Opening to the world
6 countries
The six original Asean members – Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand – that endorsed the Asean Free Trade Area at the grouping’s fourth summit. The agreement aimed to remove tariff barriers among member countries as the region adapted to the post-Cold War economy.
1993 — A nation of shareholders
Money and markets
45%
The discount offered to Singaporeans subscribing for Singapore Telecom shares in its S$4.2 billion initial public offering. The deal was structured to broaden share ownership: 1.48 million CPF members subscribed for the discounted shares, far exceeding the government’s aim of doubling the country’s 250,000 investors.
1994 — New tax at the checkout
Money and markets
3%
Singapore’s original goods and services tax rate when the broad consumption tax was introduced in 1994. GST reduced reliance on income-based taxes and helped fund cuts to personal and corporate tax rates, while grants and public-service subsidies were raised to offset the impact on living costs.
1995 — One trader brings down a bank
Power, rules and accountability
US$1.6b
The estimated losses from Nick Leeson’s derivatives trading, which brought down Britain’s oldest bank, Barings. The Singapore-based trader hid losses from bets on Japanese stocks and government bonds, fled Singapore as they came to light, and was later extradited and jailed here for cheating and forgery.
1996 — Cooling a runaway property market
Money and markets
80%
The new ceiling on housing loans as a share of a property’s value, part of a broad 1996 package to curb speculation. Other measures restricted Singdollar home loans for foreigners, taxed gains on properties resold within three years and increased stamp duties, and the government released more land for housing.
1996 — Making room for competitors
Money and markets
S$1.5b
The compensation Singtel accepted for the early termination of its telecommunications monopoly. At the time, the company was already publicly listed and had many Singaporean retail shareholders. The payment accompanied a policy change that opened the market to competitors such as StarHub and M1.
1997 — The first domino falls
Shocks and comebacks
-18%
The baht’s initial fall after Thailand allowed it to float on Jul 2, 1997, effectively ending its defence of the currency. The move became the first domino in the Asian Financial Crisis, which drove regional currencies and economies lower, though Singapore emerged less damaged than many neighbours.
1997 — A shipping giant looks abroad
Opening to the world
US$825m
The price of Neptune Orient Lines’ acquisition of APL, a long-established American container-shipping company. The deal created one of the world’s largest carriers at the time. Later, in 2016, NOL itself was acquired by the French shipping giant CMA CGM.
1999 — Shorter wait to settle
Money and markets
T+3
The three-day securities-settlement cycle introduced after the Stock Exchange of Singapore and Simex merged to form the Singapore Exchange (SGX), replacing the previous five-day cycle. SGX became the region’s first integrated, demutualised exchange run as a private company.
1999 — Bracing for the new millennium
Shocks and comebacks
700 staff
The number of employees from OCBC, UOB and Keppel TatLee Bank assigned to round-the-clock command centres as 2000 approached. Banks feared that older computer systems using two digits for years might read 2000 as 1900, although the Y2K transition ultimately passed with little disruption.
2000 — A bubble bursts
Shocks and comebacks
-7.6%
Nasdaq’s then-largest single-session decline, a 349-point fall in April 2000 that marked the bursting of dotcom exuberance. Singapore technology stocks, including Creative Technology, were caught in the sell-off and fell by as much as 50 per cent from recent highs.
2000 — Merging for industry
Building and connecting Singapore
7 islands
The number of islands reclaimed and merged to form Jurong Island off Singapore’s south-western coast. The 3,000-hectare chemical production centre now hosts more than 100 international companies and has attracted more than S$50 billion in investments since opening in 2000.
2001 — New way to build homes
Building and connecting Singapore
Fewer than 8,000 flats
The planned annual number of HDB flats to be built after a housing surplus, down sharply from 37,800. The Build-To-Order scheme was introduced so that construction would proceed in response to demonstrated demand, reducing the risk of another large stock of unsold flats.
2002 — Checks on the books
Power, rules and accountability
482 companies
The number of SGX-listed companies initially subject to mandatory quarterly reporting, which was introduced after a series of financial scandals to improve corporate transparency. In 2020, SGX moved away from a blanket requirement, retaining quarterly reporting for companies associated with higher risks.
2005 — Singapore takes a gamble
Building and connecting Singapore
3 days
The average length of a tourist’s stay in Singapore in 2005, down from four days in 1991. The decline formed part of the economic case for developing two integrated resorts at Marina Bay and Sentosa, although the decision also prompted debate over the social costs of casino gambling.
2005 — Currencies chart new courses
Opening to the world
7%
The expected rise in the Chinese yuan against the US dollar by the end of 2005 after China ended its dollar peg. Malaysia ended the ringgit’s peg on the same day, a move interpreted as keeping pace with the renminbi and reflecting China’s growing influence in the region.
2006 — Temasek’s difficult deal
Opening to the world
73.3b baht
The price paid by a Temasek-led group for a 49.6 per cent stake in Thailand’s Shin Corp, then the kingdom's biggest takeover. The sale by the family of then-prime minister Thaksin Shinawatra triggered political controversy and anti-Singapore sentiment, and Temasek later reduced its planned stake.
2007 — Tourism shifts to high gear
Building and connecting Singapore
S$100m a year
The annual tourism receipts Singapore initially expected from hosting Formula 1. The country designed the event as the sport’s first night race, easing the effect of the tropical heat and enabling daytime viewing in Europe. The race later generated about S$130 million in incremental tourism receipts per event.
2008 — Doubling down on rail
Building and connecting Singapore
S$20b
The additional spending committed to two new rail lines and several extensions. The plan was intended to double Singapore’s rail network from 138 km to 278 km by 2020, substantially increasing the reach and density of public transport.
2009 — The vault opens
Shocks and comebacks
S$4.9b
The first draw on Singapore’s past reserves, used to fund part of a record S$20.5 billion crisis-response package during the global financial crisis. The request also tested the elected president’s "second key" power over the reserves and was approved by then-president S R Nathan.
2010 — The congregation's money in question
Power, rules and accountability
S$310m
The value of City Harvest Church’s stake in Suntec Singapore International Convention and Exhibition Centre, a transaction that drew complaints and scrutiny. A Commercial Affairs Department investigation into the church’s financial arrangements eventually led to the conviction of six leaders, including founder Kong Hee, for misusing church funds.
2013 — Small stocks, big losses
Power, rules and accountability
S$5.6b
The market value wiped out in one day across six penny stocks, whose combined capitalisation fell from S$10.3 billion to S$4.7 billion. The collapse centred on Asiasons Capital, Blumont Group and LionGold Corp, prompting trading restrictions, a major investigation and changes to market regulation.
2014 — A promise to the pioneers
Building and connecting Singapore
S$8b
The fund set aside for the Pioneer Generation Package, which provides lifetime healthcare subsidies to about 450,000 Singaporeans from the pioneer generation. The upfront provision was intended to ensure the support could be funded for as long as needed as healthcare costs rose.
2017 — A certain fever returns
Money and markets
27 deals
The number of residential en bloc, or collective-sale, deals completed in 2017, worth a combined S$8.13 billion. The market revived as developers sought to replenish their land banks, and momentum continued into 2018: by May, that year’s deal value had already surpassed the 2017 total.
2018 — A ride-hailing deal faces scrutiny
Power, rules and accountability
S$13m
The combined fines imposed on Grab and Uber after their merger was found to have substantially reduced competition in Singapore’s ride-hailing market. The watchdog fined Uber S$6.58 million and Grab S$6.42 million, and imposed measures including the removal of exclusivity arrangements with drivers and taxi fleets.
2019 — The cost of holding back the sea
Building and connecting Singapore
S$100b
What then-prime minister Lee Hsien Loong said Singapore might have to spend over 50 to 100 years to protect its coastline from rising sea levels. Options under study included polders, sea walls and reclaimed islands, while critical infrastructure such as Changi Airport Terminal 5 and Tuas Port would be built on higher ground.
2019 — An investor darling collapses
Power, rules and accountability
S$900m
The principal owed to about 34,000 holders of Hyflux preference shares and perpetual securities after the company sought court protection. A proposed S$530 million rescue collapsed in 2019; before it fell through, affected holders were offered a recovery of about 10.7 per cent of their principal.
2020 — The economy switches off
Shocks and comebacks
8 weeks
The length of Singapore’s "circuit breaker" from Apr 7 to Jun 1, 2020, when non-essential services and most workplace premises were closed. The Ministry of Trade and Industry estimated that the closures cut annual real GDP by 2.2 percentage points and cost about S$11 billion in nominal output.
2021 — Public housing crosses a threshold
Money and markets
259 flats
The record number of HDB resale flats sold for at least S$1 million in 2021, up from 82 the year before. HDB resale prices rose 12.7 per cent that year, their fastest annual increase since 2010, prompting tighter borrowing limits and plans to increase housing supply.
2022 — A new route to the stock market
Money and markets
S$200m
The gross proceeds from Vertex Technology Acquisition Corporation’s listing, Singapore’s first special purpose acquisition company (Spac). The IPO issued 40 million units at S$5 each and its public tranche was 36 times subscribed, following SGX’s introduction of a Spac framework to attract growth companies.
2023 — Dirty money, exposed
Power, rules and accountability
S$3b
The value of assets linked to Singapore’s largest money-laundering case, including cash, bank accounts, properties, cars and luxury goods. Ten foreigners arrested in August 2023 were convicted, while nine financial institutions were later fined a combined S$27.5 million for related anti-money laundering breaches.
2024 — The deal that was stopped
Power, rules and accountability
1.5b euros
The value of Allianz’s withdrawn offer to buy at least 51 per cent of Income Insurance, equivalent to about S$2.1 billion. Concerns included the proposed return of about S$1.85 billion in capital to shareholders and the insurer’s social mission; the government stopped the deal in its existing form, and Allianz withdrew it on Dec 16, 2024.
2024 — High office meets the law
Power, rules and accountability
12 months
The jail term imposed on former transport minister S Iswaran after he pleaded guilty to four charges under Section 165 of the Penal Code and one of obstructing justice. The case marked the first use of Section 165 in Singapore since independence; another 30 charges were considered in sentencing.