Lee Kuan Yew's growth strategy not for everybody

Lee Kuan Yew's growth strategy not for everybody

Lee Kuan Yew created a unique model for economic growth that turned his city-state into a vibrant and prosperous business hub brimming with the spirit of free-market capitalism.

Known as the ''Singapore model,'' Lee's growth strategy focused on radical deregulation to attract foreign capital. It served as a source of inspiration for policymakers in many other emerging Asian nations.

However, this model is not necessarily easy to copy for countries with different political, economic, demographic and social conditions.

Lee, Singapore's former prime minister, died before dawn on March 23 at the age of 91.

His legacy is visible in various parts of East Asia, including on Phu Quoc, an island in the Gulf of Thailand which belongs to Vietnam. The Vietnamese government has designated the island, which is close to Cambodia and Thailand, as a special economic zone under a development project to create a "second Singapore."

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