CAN SINGAPORE ONLY RELY ON GDP GROWTH FOREVER?

Growing GDP?

I refer to the article “Moving Asia beyond GDP-ism” (Straits Times, Dec 8).

It states that “A lot of growth, however, has been neither inclusive nor sustainable. Inequality and injustice rise. ..

There is obviously no easy fix-it, but I shall argue here that while growth may be required, the obsession political leaders and policymakers have had with gross domestic product (GDP) has been harmful.

There is an urgent imperative for a vision beyond GDP-ism.

The Singapore model?

As Singapore increasingly becomes a hub of learning and thinking, it would seem that it would be the ideal location for concentrated thinking on “where do we go from here, where do we go beyond GDP-ism”.”

Lowest historical economic growth?

Despite the relentless influx of foreign labour and immigration in the last decade or so, and record levels of domestic debt, private debt and public debt – economic growth is now at historical record lows.

HDB, CPF and healthcare policies?

The drive to grow GDP, coupled with policies that do not spend any money – from a cashflow perspective – on pensions, public housing and healthcare – may have made the lives of many Singaporeans harder.

 

 

Leong Sze Hian

A.S.S. Contributor

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