Singapore's economy is running out of steam because the main economies the rest of the world are running out of steam too, and Sg's industries ride on them. During the 70s, Singapore was well ahead of other nations in Asia, (except for Japan). There were a couple of local workshops making excpansion-chambers (performance exhaust pipes) for small capacity two-stroke motorcycles, but your ROV clamped down on them, and they soon disappeared from the streets. Look at the possible market for these today in cities like Jakarta, Manila, Bangkok, Ho Chi Minh City, Mumbai!!! Unlimited. But because of ROV's indifference towards local motorcyclists, this industry was stopped before it could have grown into to feed the regional growth. Another area Sg was ahead then - music. Some Sg bands played to big crowds in Malaysia then, but your Ministry of Culture pursued the "no long hair" policy and killed these bands. Otherwise Sg would set the trend in South=-East Asia for music and arts, instead, this (the arts) are now dictated by a few well-to-do connected kids from rich family whose idea of the arts are for those born with the silver spoon able to afford tickets to shows in Europe and America. So, followers of world culture, will have to go with global economic partterns. Have fun!
Cheers!