I lived in a developed country - Canada for a total of 7 years. I can see a lot of similarity now that Singapore is a developed country. One key feature is unemployment. Developed countries have high unemployment rates i.e. between 5% to 13%. The professor of Macroeconomic in U of Toronto states 5% unemployment is acceptable and the best a developed country like Canada could achieve. Retrenchment/layoff is common in developed countries. Men staying at home to look after the family is not an unfamilar sight. Cost of living increases or Progress(rather than inflation) as Singapore govt puts it is another common feature. It also seems like the gaps between the haves and have-nots has widen. This phenomenon may be due to globalisation rather than moving into developed status. In underdeveloped countries, it is common to see huge gaps between the poor and rich.
As Charles Dickens put it "it is the best of times, it is the worst of times". Many times I worry about my kids. What are they going to do to survive in this world. Will our education equip them with the right skills and behaviours to thrive in the brave new world? Time will tell....
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Hmm, a senior volunteer I know also voiced his concern for his young nephew. It is indeed challenging with the rise of China. It is going to be more competitive and we need to be really excellent in our jobs.
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