By Nizam Idris

Singapore is increasingly facing the direct opposite of the “oil curse” or the Dutch Disease that afflicts resource-rich countries. The “oil curse” basically led to the over-dependence on natural resources for growth and the neglect of human and other productive resources in the country with rich natural endowment. Singapore, on the other hand, is facing an over-dependence on human resource for growth. We import almost everything that we consume, from apples to zippers. Of these, foreign talent is perhaps the greatest and most important of our imports. But these cannot be imported at will or merely priced in dollars and cents; there has to be mutual consent. The people with the kind of talent we need must want to come to Singapore for the “transaction” to take place. For this, our economic policies have been geared towards making Singapore a great city to do business and to earn a living. But historically, a great city is not a great home and does not come with a great heart.

Singapore needs to be a great global city to be economically viable and sustainable. The alternative is being a mediocre, also-ran city that would never be able to attract the talent pool that would be needed to survive and compete witout being a hub for manufacturing or natural resources. Economic policies are generally paving the way to make Singapore globally relevant. But recognising the potential pitfalls as we strive towards being a great city is equally important. How do we mitigate the impact of this growth model on our social fabric in the years ahead?

The above excerpts are from the article by Nizam Idris for Singapore Perspectives 2010.

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