SINGAPORE, Feb 25 — Responding to sentiments that the government has changed its “pro-growth” economic approach to one that is “pro-redistribution”, Deputy Prime...
SINGAPORE, Feb 25 — Responding to sentiments that the government has changed its “pro-growth” economic approach to one that is “pro-redistribution”, Deputy Prime Minister Lawrence Wong set the record straight to say that economic growth is still among its priorities.
He was speaking at the end of a three-day Budget debate to allay concerns on Singapore’s economic competitiveness, and whether the Government is helping workers and businesses sufficiently. Wong said: “Let me set the record straight. We remain focused on growing the economic pie because only then can Singaporeans build better lives for themselves and their families.
Although Singapore will get more revenue, assuming the affected MNEs here do not leave, this is a “big assumption”, Wong said. “We will always be a little red dot. Manpower resources will always be insufficient, land will always be limited, and we will always be energy-constrained, and so we cannot compete on the basis of cost alone,” he continued.This is why more resources have been set aside in expanding the scope of the National Productivity Fund, where it will be topped up by S$4 billion, with investment promotion added as a supportable activity.
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