Do not fix it. Open up and empower the people.
Remove all controls to facilitate people's own attainments of their
diverse needs and aspirations. Try this. Empower them through
lowering costs of utilities, medicare, housing and transportation.
When people see these they will respond by building the economy for
you again. Now they are fast retiring or quitting or picking empty
cans in the nearby shops.
Once people start to feel they could survive and have more leeways
to attain their needs and aspirations, government will be the
ultimate winners as people's success will translate into government
success with higher revenues and greater social and cultural
vibrancy to sustain the future of Singapore.
There will then be a brighter future which you only talk about but
did not spell out so far.