Singapore gained independence as the Republic of Singapore (remaining within the Commonwealth of Nations) on 9 August 1965.[25] Race riots broke out once more in 1969.[citation needed] In 1967, the country co-founded ASEAN, the Association of Southeast Asian Nations.[28] Lee Kuan Yew became Prime Minister, and the country moved from Third World economy to First World affluence in a single generation. Lee Kuan Yew's emphasis on rapid economic growth, support for business entrepreneurship, and limitations on internal democracy shaped Singapore's policies for the next half-century.[29][30] In 1990, Goh Chok Tong succeeded Lee as Prime Minister, while the latter continued serving in the Cabinet as Senior Minister until 2004, and then Minister Mentor until May 2011. During Goh's tenure, the country faced the 1997 Asian financial crisis, the 2003 SARS outbreak and terrorist threats posed by Jemaah Islamiyah.[citation needed]