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(Bloomberg Markets) -- In the ballroom of the five-star Shangri-La Singapore hotel, Anthony Tan celebrated a triumph for the country’s up-and-coming tech scene. “Today we shine a spotlight on Southeast Asia!” he told the adoring crowd. His company, Grab, the region’s answer to Uber, was about to make its stock market debut.Most Read from BloombergIsrael Latest: Israel Vows to Wipe Out Hamas as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’IMF Caught Off Guar

The rough journey of an Uber-like ride- ailing company helps explain why the island nation has struggled to become Asia's Silicon Valley

While many tech stocks have stumbled, some as much or more than Grab, it has no been a great time for the Singaporean multinational technology company recently and Grab stocks are still down almost 70%.

There were 476 suicides reported in 2022.

Many considered Singapore to be a COVID-19 success story in Southeast Asia — but instead of opening up, it's doing the opposite.