Singapore, like other ex-Colonies in SEAsia prove that having been a colony is not an excuse for not doing well. HK, Singapore, Taiwan, South Korea were heavily colonized yet after emerging as independent states were able to overcome difficulties, educate their people, take what they learned from their colonizers and have become leading economies of the world.
Governance is more important than one’s history when it come to success of a country.
Absolutely agree. There's a lot of "yes, but.." in this for me, but the simple economics are pretty clear: post colonial asian states like this do fantastically well.
Cost of housing in HK is going to be an embuggerance if they don't fix that, it may bifurcate into a more strong over/underclass imbalance. Taiwan is amazing but has thinner underpinnings now the US has demanded chip manufacturing moves to continental USA and the water supply issue is huge.
But your central point I agree with strongly: fix education, health, housing and provide at least some representation and you can do so much better than being a colonial outpost of somewhere else sucking value out.
The issue has never been previous status as colony but society and culture (East Asian countries and Sinpgapore are all part of the sinosphere culturally).
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Most these countries had decent literacy and industry/proto-industrial base before WW2 or before becoming independent states. Singapore itself was richer than Spain in 1960 and one of the richest cities in its region despite the slums. This is why it makes no sense for example to compare China or India, they were just in a fundamentally different spot.
Regardless many of the strategies these countries used are increasingly difficult for low income countries to do as these countries (China is the biggest example) themselves are protective of these industries, there's no push for globalizing and as factories got increasingly automated.
That's not to say that I believe governance isn't important but the one's history is important for governance itself.