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Life after 50: Can Singapore keep the miracle going?

People celebrate Singapore's 50th anniversary Aug 9. (Photo by Yumi Kotani)

SINGAPORE -- The 50th anniversary of Singapore's founding on Aug. 9 was a major milestone in the city-state's history. The tiny island country at the southern tip of the Malay Peninsula has transformed itself into one of the world's wealthiest economies in just half a century, becoming an important global hub for finance and logistics.

     This year had one other milestone for Singapore: Its founder and longtime leader, former Prime Minister Lee Kuan Yew, died in March. A local TV station recently aired a speech by Lee to young Singaporeans in which he urged them to "follow that rainbow." In material terms, they seem to have caught it.

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