Even as the country was lustily belting out National Day songs for its birthday celebrations, a touch of soul-searching over Singapore’s economic prospects perhaps would not have gone amiss.

One line in the well-known tune We Are Singapore goes: “We’ve come so far together, our common destiny”. This says it all, about how a tiny island has achieved the ultimate economic miracle. But after having come so far in the past 58 years, it’s less about celebrating achievements and more about maintaining one’s position at the head of the pack.