Why Living in Singapore is Impossible

Summary

Singapore's rapid economic growth has transformed it into a global metropolis, but this success has come at a cost. With escalating living costs and a looming housing crisis, many citizens struggle to afford basic needs. Despite its prosperity, Singapore faces challenges such as urban poverty, an overstretched workforce, and a societal mindset of intense competition. These issues, if unaddressed, could undermine the country's future sustainability.

Takeaways

• 🌟 Singapore's rapid economic growth has transformed it from an underdeveloped island into a global metropolis, increasing its economy by 20 times in just over 60 years.
• 💰 The economic success has led to a significant rise in income levels, making Singapore one of the best-paid countries in the world.
• 🏙️ Despite the prosperity, Singapore faces a hidden set of problems, including skyrocketing prices for daily life and urban poverty affecting 12% of households.
• 🏠 The country is on the brink of its first housing crisis in decades, with rental prices reaching record highs and causing financial strain for many residents.
• 🌍 Singapore's small size and high population density contribute to the housing crisis, as space becomes increasingly scarce and property prices soar.
• 💼 The intense work culture and lifestyle in Singapore, fostered by the philosophy of 'kiasu', have led to high stress levels and a desire for better work-life balance.
• 📈 Singapore's education system, with its streaming approach, has contributed to social division and high levels of stress and anxiety among students.
• 👶 The high cost of living and societal pressures have resulted in a low fertility rate, with many couples choosing to have fewer children or none at all.
• 🌱 Singapore's past policies have led to an overstretched workforce and a cost of living problem, which now require urgent attention for a sustainable future.
• 🌐 While Singapore is often hailed as a model for economic success, its challenges serve as a cautionary tale for other countries looking to emulate its rapid development.

Q & A

What is considered one of the biggest economic success stories of the last century?

Singapore's transformation from an underdeveloped island into a sprawling metropolis in just over 60 years is considered one of the biggest economic success stories of the last century.

How has Singapore's economy grown since its independence?

Singapore's economy has grown to be 20 times larger since its independence, with incomes rising from levels comparable to Mexico or South Africa to being one of the best paid destinations in the world.

What are some of the hidden problems that have arisen as Singapore continues to expand?

As Singapore has expanded, hidden problems such as skyrocketing prices for daily life, urban poverty, and an increasing number of people unable to afford living there have emerged.

What percentage of households in Singapore do not earn enough to meet their basic consumption needs according to a 2018 study by the National University of Singapore?

According to a 2018 study by the National University of Singapore, 12% of households in Singapore do not earn enough to meet their basic consumption needs.

What is the current housing situation in Singapore, and how does it affect the residents?

Singapore is facing a potential housing crisis with rental prices reaching record highs, causing some individuals to spend up to 70% or more on their rent, making it increasingly difficult for residents to afford housing.

What is the population density of Singapore, and how does it compare to other countries?

Singapore has the third highest population density of any country in the world, being home to more than 5 million people on an island roughly half the size of greater London.

Who is credited with transforming Singapore into an economic powerhouse?

Lee Kuan Yew, Singapore's first Prime Minister, is credited with transforming the tiny island into the economic powerhouse it is today.

What were the three key actions taken by Lee Kuan Yew to set up Singapore for economic success?

The three key actions taken by Lee Kuan Yew included adopting English as the national language, attracting top global talent, and implementing a zero-tolerance approach to corruption.

How has Singapore's education system contributed to its economic success?

Singapore's education system, with its meritocratic approach and streaming, has developed a highly educated, hardworking, and English-speaking workforce that has attracted investment and contributed to its economic success.

What is the term 'kiasu' and how does it reflect Singaporean society?

Kiasu is a Singaporean philosophy that roughly translates to 'fear of losing' or 'fear of missing out' and reflects a cultural inclination towards competitiveness and the avoidance of losing out on opportunities.

What are some of the social and economic challenges Singapore is facing today?

Singapore is grappling with an overstretched and stressed workforce, a housing affordability crisis, a high cost of living, and a low fertility rate, all of which stem from past policies and require urgent attention for a sustainable future.