Here's an interesting set of slides by Prof. Choy Keen Meng on the volatility in our economy:
This talk at an event organised by the Economic Society of Singapore on 27 Oct 2009.
Here is an interest chart showing how much our domestic consumption has shrunk over the years and how exports became dominant in our pursuit of GDP growth.
It shows how much our domestic consumption fallen as we pursue growth based on the export-led model. We became dependent on external demand which is highly volatile. Export led growth will mean more of the same "cheaper, better, faster" type economy to compete with China which is a race to the bottom for our workers. Expanding domestic consumption can lead to higher wages for our workers, narrow the income gap and result in a less volatile economy.