Growth at all cost mentality in Singapore has cost Singaporeans a lot in the form of social dis-amenities. There are two disparate groups in Singapore now.
The post 65 generation enjoyed the successes and a typical Singaporean can own up to 3 properties, collecting rental and enjoying a respectable lifestyle. This group of Singaporeans, together with new citizens need to ensure the economic friendly policies sustain. This is so needed to support their asset values.
The second group of Singaporeans are those who struggle to afford their first flat, to secure a decent paying job. Singaporeans in this category feel that Singapore had lost touch with the ground and become unaware of the ground issues such as wage stagnation. This group is growing in size because of the government’s economic policies.
The elitist government hold ideological assumptions that economic growth is the only path to success. They have a deeply embedded framework and internal structure which they use frequently to make decisions. Over the last 30 years, Singapore as a global city has moved rapidly. The citizens who did not manage to catch the train of asset growth have been left behind.
We can put it simply this way. In the past, Singapore could continue to collect lower hanging fruits. We bought factories, projects, gave incentives, build economic relationships with fortune 500 firms. Today, this model cannot sustain. The hypothesis that economic growth leads to better lifestyle for Singaporeans simply does not stand.
The road ahead for Singapore is more complex. Government cannot depend on the previous growth model any more. They need to work based on multiple objectives in this priority:
How to ensure infrastructure (education, transport) is prepared before population grows
How to balance internal population growth and external immigration
How to grow the economy without growth in foreign workers
Singapore New Policy Thinking