I think so...
As the Singapore appreciates and other currencies like the U.S. dollar depreciate, Singaporean exports are also becoming more expensive. This opens up the door for other manufacturing countries such as Malaysia and even the Philippines. As Singaporean goods are seen as expensive, Malaysian and others are seen as reasonable.
In my opinion the lights were flashing a few years ago. I believe Singapore's manufacturing industries, more important the manufactured exports will lose competitiveness. Unless these companies bring in more people from PRC who are willing to work in factory like conditions for almost nothing and say nothing, the country will lose any advantage it had in manufacturing through FX rates.
I would say Singapore will rely more heavily than ever before on the service industry. Now, whether or not the country is training people in the service sector as opposed to managerial positions is not known. What I see (if it matters) is less jobs in manufacturing and more in service with the IR and banking. The thing is, I wholeheartedly believe that the vast majority of jobs that the casinos and others will be given to FT's, not so much to locals.
FT's from China will serve the lucrative Chinese tourism market, and who do you think will make the beds and clean the grounds of these hotels and casinos... a Singaporean or a Filipino, Bangladeshi, or Indonesian worker? Gotta admit, I've been to quite a few hotels in Asia and the hospitality in the Philippines, Thailand, Indonesia, and others is hard to beat and far ahead of the hospitality in singapore hotels.
After the Biotech fiasco and the failed lawsuit attempt by Yew know who, word gets out and all the money in the world will not attract the best if a wrong move in Singapore will ruin your career.
It's a tough call, unfortunately in my view (again if it matters) i think a lot of people are going to feel a squeeze, and possibly even be squeezed right out of Singapore. Personally, I think people simply need to be paid more, trained in broad fields, less FT's brought in, and the country left to the people to lead their own destinies with a voice in the direction and policies the people see fit. Singapore is a highly educated country, and your knowledge will lead you to make the right decisions. I've always felt that if Singaporeans empowered themselves, wow, there would truly be no stopping this place from being a leader in every way. However, yes, I feel the country is slowly losing whatever edge it had and is becoming one dimensional.
I'm sure others will disagree, but with the best intentions for everyone, I hope I am wrong and those that disagree are right.
Hope the upcoming CNY finds all of you well....