The contrast is stunning. Expats I speak to view this country with unbridled optimism – a clean, green, corruption-free city that’s the envy of the world.
However, the mood among locals – some of them at least – is more dour. They think Singapore’s heyday has passed, and the time for its tumble is just around the corner.
A friend of mine is convinced Singaporeans should have a migration plan in case things really go south.
I’m not as pessimistic, but I share his concern. Singapore can be likened to a successful multi-national company at its apex. But the tectonic plates are shifting, and a sudden jolt could shake Singapore from the throne.
To see how Singapore can be dislodged, let’s break down what makes its economy such a powerhouse in the first place.
Sweetspot
Singapore won the geographical lottery. Unlike Indonesia, it’s earthquake-free. It doesn’t face regular typhoons like the Philippines. It’s shielded from tsunamis too.
It’s situated at the gateway between East and West, making Singapore a perfect seaport for global commerce.
Singapore Inc is also powered by its many government-linked corporations, which play an enormous role in the local economy. From transportation to the media to telecommunications, these companies made their fortune by becoming staples in everyday Singapore.
Singapore needs to build a core of highly intelligent, ambitious, and engineering-focused entrepreneurs to tackle global problems.
This went on for decades. But an ambush has been taking shape in recent years, and the pirates are now ready to pounce.
The first signs of change came in the 90s, when Microsoft monopolized the computing world. It didn’t matter where in the world you were: your computer ran Windows.
Meanwhile, many of Singapore’s enterprises were content with local or regional dominance, unaware that global powers would soon out-maneuver them.
Singapore Inc under threat
Today, internet companies are increasingly going after other industries. They’re spilling over from the world of bits into the world of atoms.
A report card
More ambition needed
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