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Its need for a strong team of leaders to keep the country going is a matter that Prime Minister Lee Hsien Loong and his Cabinet 'worry obsessively' about.
Mr Lee was mapping out the key challenges Singapore faced in the next few decades in a speech last night to some 900 National University of Singapore students at the Kent Ridge Ministerial Forum.
He sorted out the priorities before Singapore into three timeframes - those in the immediate five to 10 years; in the long-term of 10-20 years; and in the very long-term of beyond 20 years.
Regardless of time, though, the immutable challenge of confronting the external environment will always remain, he said.
With China and India on the rise, the outlook for Asia was positive, he said. It will likely continue for 20 years and longer, provided there is no war or natural calamity.
Nearer home, Singapore must learn about and work with its neighbours, Malaysia and Indonesia.
'We will not see eye-to-eye once in a while, and when that happens, we will just have to stand our ground quietly, uphold our interests and continue to cooperate where we can,' he said.
While patience is required for its dealings with neighbours, speed is paramount domestically as Singapore remakes itself, he said.
Over the next five to 10 years, the Government will have to lead the way in remaking Singapore so as to embrace new opportunities presented by digital techno- logy, reform the tax system, launch new projects such as the Integrated Resorts and the Formula One race.
He stressed that being able to change quickly was Singapore's natural advantage, which it must maximise. But as it forged ahead, the Government would not forget those adversely affected and who found it difficult to keep up.
'This is something which the Government has to do. It can't be left to the private sector or to people themselves entirely to sort it out. And it is the key to our ability to move fast,' he said.
This involved finding better jobs for the less-educated, topping up lower- income workers' pay through Workfare and other schemes, and levelling up the next generation through education.
These measures would enable every Singaporean to improve his life, provided he made the effort, he said.
Over the longer term of 10 to 20 years, the two key challenges concerned how to raise the fertility rate and attract talent from all over.
Beyond 20 years, the task would be to strengthen national identity and build a distinct society with a sense of shared destiny.
This would not be easy, given Singapore's short his- tory and its lack of a unique race, language and culture.
But step by step, people were developing emotional links and confidence in the country as a land of opportunity, he said.
Good leadership is also crucial, and here there was no 'magic formula' to find the right leaders. He said it was up to each generation to throw up its own leaders.
Calling on young Singaporeans to take ownership of the country, he issued them this challenge: Make Singapore a special and unique home for many more years.
During the hour-long dialogue that followed, some 11 students lobbed a series of tough questions at Mr Lee.
They quizzed him on human rights, on whether Singapore was becoming more a place for foreigners than locals, and whether the Government was serious about public consultation.
Mr Lee explained that while the Government was serious about feedback and consultation, on some matters it had to take the lead.
He also urged young Singaporeans to seize the opportunities presented by Asia's growth and strive for success together with the foreigners who came here.
