Balancing the requirements of Singapore’s growth strategy with domestic concerns will become even more challenging in the future, as individuals expect to exercise greater control, influence and leverage over decisions affecting their lives. Concerns have been expressed that proxies, such as the annual value of housing, which is used to determine eligibility for government benefits, do not take into account the needs of the older generation, which has experienced low wages and relatively high income taxes.
Continuing to pursue high growth under the current growth strategy is likely to intensify domestic concerns. However, if growth moderates to around 3 per cent, in line with experiences of other high-income countries, and becomes the new norm, re-examining current assumptions and practices concerning economic, social and political management will become even more necessary. Full story
