Even though it was Farquhar who was responsible for most of Singapore's development, it was Raffles who wanted to make Singapore a trading port, so if Raffles hadn't set eyes on Singapore at that time, Farquhar wouldn't have been able to accomplish this.
Raffles was responsible for Singapore's boost of economy
He increased the economy of Singapore by using the Straits of Malacca as a trading route.
He established free trade and thus many people came to Singapore to trade with each other, boosting Singapore's economy.
Raffles was responsible for Singapore's boost of economy