Over the past half a century, Singapore has miraculously grown from a third world to a first world economy, from a humble fishing village to a bustling cosmopolitan city. Such a growth is phenomenal and all credits go to those who made it happen.
However, rather than living in past glory, it may be more prudent to live in the present and prepare for the future. Should Singapore prepare for a future of unending growth or a future of no growth?
Singapore has limited land space. So far, it has done well to “grow” its land through reclamation. However, there must be a limit to how much more land Singapore can reclaim. Indeed, this is why Singapore is exploring the use of underground and underwater space. Nonetheless, there must be a physical limit, and one day in the future, Singapore will not be able to “grow” its land space anymore.
Since there is a limit on land space, there is also a limit on the population that the land can support. The Singapore government is currently planning for a population of 6.9 million. There are suggestions that the land can support even a bigger population. Nonetheless, there must be a physical limit, and one day in the future, Singapore will not be able to “grow” its population anymore.
Since there are limits on land space and population, there is also a limit on how much an economy can grow. This is particularly the case for Singapore as its
economic growth is largely dependent on population growth. Hence one day in the future, Singapore will not be able to “grow” its economy anymore.
So, what will happen to Singapore when there is no more growth? Instead of immersing in the scintillating past, it may be more sobering to contemplate on the future – a future of no growth. While this scenario will not happen overnight, it will eventually happen. Hence, rather than focusing entirely on growth and trying every means to achieve it, wouldn’t it be wiser to prepare for a future of no growth?
Wouldn’t it be more comforting to know that even if there is no growth, Singapore will continue to thrive?
Dr Tommy Wong
*Tommy is the author of the book series “Wisdom on How to Live Life: Transforming Earth into Heaven”.