Firstly, I am one of the guests (expats) in your country. This is such a comprehensive topic that it's naive from me to think we can just talk it through here. But I'll give it a shot. Bear with me, I'm coming from a totally different culture and I'm not Asian.
IMO, SG has a lot to lose with the anti-expat feeling growing over this pandemic. Nationalism seems to ride this pandemic all over the world, unfortunately. And I do think the SG gov has to rethink the policies and their criteria on who they let in. Otherwise, businesses will find other attractive places to do business from. Places with low taxes, friendly policies to bring expats, and so forth. Keep an eye on the emerging economies. As you probably know, everything is just a cycle.
Getting back to the topic. Sure, Singapore does great in many things but it is not perfect. There's no prefect place and that is fine. One has to weight the pros and cons, and decide for himself/herself. To me and few of my expat friends, it's difficult to see ourselves living here. Not because we don't like the place, but because...we can't stay here. It's almost impossible to plan, to settle in here. Just think about it, you can be kicked out every moment, it's difficult to buy a property, to have some sort of continuity or planning. Even getting PR doesn't give you that peace of mind because it's not actually "permanent". I know people who live here for 10yrs or more, and invested in the long term. They got rejected when they wanted to level up and settle in, several times. Good, educated, well mannered people. Maybe because they're not Asians or who knows why. So, what would you do in their shoes? That's what some Singaporeans miss out. Look, we're all humans no matter the race, color. We all look for some safety when we're settling in, the foundation is pretty much the same. I'm not saying there's no expats that take advantage of SG, but that's gov'nmt's business to handle. And they're probably a minority.
Singapore is still young. It's got a great start and LKY did a lot for this country and was a visionary. The thing Singaporeans have to really think about is, firstly to accept themselves the way they are with both good and bad, to think about how they want to grow as a nation, what to expect from the people who want do adopt this place as a home, and be frank about it. You set the rules, it's your country, everyone else is just a guest. It can work for you or against you.
And just to highlight the elephant in the room, Singapore is plagued with this burden called land, the root of this constant hustle that drives lots of debate. In order to grow more as a nation, something must be done to address this limitation. I believe there's options, but it's not an easy task.
Speaking about myself now, I don't mind leaving SG and letting a Singaporean do my job. I'll manage it. But I do want a place where I feel welcome, where I can have some sort of comfort to plan what I'll do next with my life, and NS doesn't put my kids at disadvantage with their education and career. Where I'm coming from NS used to be mandatory, now it's not anymore and it's for the better, nobody is looking to start a conflict and most of this anxiety is a legacy of ww2 anyways. That's just my take on it.
One last thing. I'm stuck in SG, I have family at home who I haven't seen for more than 1.5yrs because I cannot simply leave SG and return, even if I take the vaccine back home (and I can do that now). I have personal matters to take care of. And it's more people like me living here. Look, it's tough for everyone, so why make it even harder? Appreciate that you're healthy, you have your families next to you, and there's a job that provides some peace of mind for the time being. Stay safe!