The essence of what the clip is saying:
1) The Singapore model breeds widespread corruption and inefficient gigantic GLCs which depletes the nation's resources.
2) Korea and Taiwan in the past adopted a similar model but have since changed with times and adopt a more vibrant liberalised open economy which creates innovation and entrepreneurs. Singapore is stuck in the past, running out of ideas and meeting a dead end.
Now, that is an astute and very sound observation of what really is going on. The unfortunate thing is that too many people in Singapore are still brain washed by the PAP and are too ignorant to really understand what is really going on, continuing to believe that PAP is the best of the best of the best and is never wrong and continuing to self-deceive oneself to think Singapore is doing well when in fact it only appears to do well on the surface.
The truth is that Singapore, because of PAP, is actually lagging behind other east asian countries, even though these other east asian countries. Singapore lags behind in so many aspects that it is worrying: democratic institutions, checks and balances, protection of individual rights and freedoms, free press, multi-party parliament, independent civil service, etc.
When you factor in all these attributes, you will see Singapore is far, far behind other east asian countries.