One of Singapore's greatest strengths is its predictability: in a region where coups and economic meltdowns are not uncommon, it has long been a haven of stability for investors and businesses.

But when Prime Minister Lee Hsien Loong almost collapsed during a National Day speech Sunday, it brought into focus concerns that have been simmering for months about the future of the wealthy city-state.

The economy has lost some of the zest it had under the open trade-oriented model created by founding father Lee Kwan Yew, whose death last year for many marked the end of an era. Doubts have also started to emerge about Singapore's position as one of the world's leading financial capitals.