Singapore Democrats, 17 Dec 2008, Han Ming Wen
There is a financial tsunami coming. It is slowly picking up speed and power. It will be devastating.
Of utter concern to us are the effects of the international crisis on Singapore. What is in store for us in the next 3 to 5 years (this is probably how long the U-shape recession will last)?
The Government may not be able to stimulate the economy on infrastructure projects anymore. Firstly, there are already too many white elephants around like the airport (especially T3), esplanade, "country" clubs (Safra, police, and grass roots ones) just to name a few.
Secondly, as a little red dot, there is only so much space that we can build things on before inefficiency sets in.
Singapore will have to be realistic or in our local army lingo: "We have to wake up our ideas!" To see Singapore through the next 5 years, we too need reforms like the rest of the world.
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