Singapore's GDP growth model depended single mindedly on money. It showers people with lots of money, in the expense of work life balance, social conscience, independent thought, liveable space.
There are several problems with Singapore's economy. Most of them aren't the government's fault. Here are the issues:
1. We depended too much on MNCs to create employment. We do not have many home ground SME's that turned into MNCs. There is a lot of financial assistance from the government. But the biggest issue is the lack of a large unified domestic market. It is much easier to succeed in the US, UK, Europe, Australia or China with an idea. Singapore's Grab is worth a less than a million while Uber is valued in the billions. It is all about scale. MNCs come and go when it suits them. When they come, they hire very few local talents. There are glass ceilings for locals.
2. We depend too much on population growth to create GDP growth. Singapore is already more dense than HK. with 7000 people per square km, how many more people do you wish to pack into the country? Clearly, the desire of planners is to achieve at least 6.9 million, then upwards to 10 million. I already find it too crowded most times. How do I get away to the country side without taking a plane? In Australia, I could drive from Melbourne to the twelve apostles. In UK, I could drive from London to the east coast.
3. The weather is too hot and humid all year round. It is tough enough to be in the most densely packed city int he world. It is definitely even worse to be living in such a climate. You can't take nice walks in the park without sweating profusely. In Melbourne, I just took a two hour walk with my wife around Carlton to RMIT and back. It was so pleasant.
4. Singapore is vulnerable to climate change and terrorist attacks. I've mentioned this in my previous post.
5. The work and education system is too stressful, and stifles creativity. I would not want my children to go through tuition every day, being pushed to do well in exams. Not enjoying their childhood. The worst thing is to go through all that stress, come out to work and still be subjugated to the foreign bosses in MNCs. Isn't it better to study abroad where the system focuses more on interactive learning, communication and creativity? When they graduate from top universities abroad in the least painful way, they will still head MNCs top posts because they are considered "foreign talent"?
6. There is NO Work life balance in Singapore. People expect to others to respond on demand, even on weekends. Workers are far too stressed to enjoy their weekends. At the end, you die before you retire. You can't take all your possessions with you in the afterlife. Better enjoy and smell the roses.
I have to really think of a business that is investment related, that can generate a lot of mojo and yet gives me time to relax. Perhaps being physical mobile is an important trait to have. Most Singaporeans are too rooted to this tiny RED DOT because they perceive that their children's education cannot be compromised. C'mon, people graduate or even flunked from Stamford and yet start the biggest tech firms in the world (Microsoft, Apple?).
There are several problems with Singapore's economy. Most of them aren't the government's fault. Here are the issues:
1. We depended too much on MNCs to create employment. We do not have many home ground SME's that turned into MNCs. There is a lot of financial assistance from the government. But the biggest issue is the lack of a large unified domestic market. It is much easier to succeed in the US, UK, Europe, Australia or China with an idea. Singapore's Grab is worth a less than a million while Uber is valued in the billions. It is all about scale. MNCs come and go when it suits them. When they come, they hire very few local talents. There are glass ceilings for locals.
2. We depend too much on population growth to create GDP growth. Singapore is already more dense than HK. with 7000 people per square km, how many more people do you wish to pack into the country? Clearly, the desire of planners is to achieve at least 6.9 million, then upwards to 10 million. I already find it too crowded most times. How do I get away to the country side without taking a plane? In Australia, I could drive from Melbourne to the twelve apostles. In UK, I could drive from London to the east coast.
3. The weather is too hot and humid all year round. It is tough enough to be in the most densely packed city int he world. It is definitely even worse to be living in such a climate. You can't take nice walks in the park without sweating profusely. In Melbourne, I just took a two hour walk with my wife around Carlton to RMIT and back. It was so pleasant.
4. Singapore is vulnerable to climate change and terrorist attacks. I've mentioned this in my previous post.
5. The work and education system is too stressful, and stifles creativity. I would not want my children to go through tuition every day, being pushed to do well in exams. Not enjoying their childhood. The worst thing is to go through all that stress, come out to work and still be subjugated to the foreign bosses in MNCs. Isn't it better to study abroad where the system focuses more on interactive learning, communication and creativity? When they graduate from top universities abroad in the least painful way, they will still head MNCs top posts because they are considered "foreign talent"?
6. There is NO Work life balance in Singapore. People expect to others to respond on demand, even on weekends. Workers are far too stressed to enjoy their weekends. At the end, you die before you retire. You can't take all your possessions with you in the afterlife. Better enjoy and smell the roses.
I have to really think of a business that is investment related, that can generate a lot of mojo and yet gives me time to relax. Perhaps being physical mobile is an important trait to have. Most Singaporeans are too rooted to this tiny RED DOT because they perceive that their children's education cannot be compromised. C'mon, people graduate or even flunked from Stamford and yet start the biggest tech firms in the world (Microsoft, Apple?).
