Sylvia is excellent!
Sylvia Lim raised important points that I've written about in this blog very well:
- Whatever economic strategy or growth pursued by the govt, it has to improve the quality of life of ordinary Singaporeans.
- In recent years, profits as a share of GDP has risen to 45%
- GDP may not be a good measure of economic performance and social progress.
- Growing inequality in our society is a serious problem.
- The massive import of foreign labor has lead to stresses and problems. The idea that we have to expand population to be competitive may be flawed.
A few weeks ago I wrote that the ESC report did not put the improving the quality of life of Singaporeans as its ultimate goal. The goal of the ESC was to achieve GDP growth (didn't we already accomplish that in the past few decades) and this may not lead to a rise in living standards of ordinary Singaporeans. The PAP fixation with GDP growth has led to the worse income inequality in developed countries and a increased pace of life that many Singaporeans now find difficult to cope with. However, it will be difficult for the PAP to change and put the well being of ordinary Singaporeans as its top priority - over the years its other interests have grown, it now has a vast network of GLCs to take care of and the GLCs serve to benefit a small number of elites who occupy top positions and are closely linked to PAP.