SG Govt copies Swiss model. In Switzerland those working are primarily foreigners, locals only work in the service industries.Strong SGD ruins local manufacturing jobs. A country without engineering, manufacturing and distribution industries has no innovation to speak of, in the long run. Even Switzerland is a major banking and manufacturing hub.
These days, our country is attracting rich to park their money here, these money are not investment that really creates jobs, except for a few more in banking sector.