The Evolution of Singapore: Economic Miracle and Its Dark Side

Introduction

• Singapore's transformation from 60 years ago to today:
  • Gained independence with high unemployment and poverty.
  • Now a city-state with zero corruption and efficient government.
  • Among the top four in GDP per capita worldwide.
• Despite its success, Singapore faces significant challenges, including stress and overwork among its people.

Key Factors in Singapore's Economic Miracle

1. Leadership of Lee Kuan Yew
   • Prime Minister for over three decades.
   • Advocated for hard work and talent as Singapore's main resources.
2. Attracting Foreign Investments
   • Positioned as a hub for global companies.
   • Incentives: tax exemptions for foreign companies, stable government, no unions.
3. Meritocracy Principle
   • Society rewards based on merit, skills, and performance.
   • Education system focuses on standardized testing and streaming.
4. Emphasis on Hard Work
   • National campaigns promoting productivity.
   • Slogans like "Good better best never let it rest."
5. Population Growth
   • Open immigration policies to attract talent.
   • Campaigns to encourage higher birth rates.

The Dark Side of Success

• Kiasu Mentality: A pervasive fear of losing or falling behind.
  • Leads to overwork, stress, low self-esteem, and reduced creativity.
• Educational and Life Pressures
  • Highly stressful education system with standardized tests determining future career paths.
  • High costs of living, especially in housing, causing stress.

Current Challenges

1. Housing Crisis
   • Rising property prices and inadequate public housing supply.
   • Long waitlists and escalating costs in the secondary market.
2. Fertility and Aging Population
   • Lowest birth rate in the world.
   • Reliance on immigration to maintain population levels.
3. Economic Model Strain
   • Increasing resentment against high immigration levels.
   • Need for sustainable growth beyond population expansion.

Conclusion

• Singapore's strategies that once ensured its success are now under strain.
• Challenges include maintaining population growth, balancing immigration, and ensuring economic sustainability.
• Future success is uncertain due to the complex interplay of social, economic, and demographic factors.