Singapore economic model in layman description is like a football team with speedie wingers, creative playmakers and lethal strikers (export, tourism, manufacturing, GLCs, etc). Upon weak opponent (good economic condition), can easily bang in dozen of goals to make the scoreline very impressive but when matches up against a tough opponent (bad economic condition), we can't score goals and our midfield and defense (SMEs, agriculture, construction & retails sectors, etc) either missing or too weak that allow opponent to over run easily leaving us with the goalie (national reserve) as the last line of defense to save us for the day.
That is how I see in Singapore economy since 2010. Remember in 2010 when Singapore economy rebounded from the 2008 global financial crisis and recorded an almost +15% GDP growth, I was perhaps the only one didn't cheer or feel happy about it. Instead, doubts starting ......
