Is present GDP growth successful restructuring of economy

robertteh SG

It would be naive to believe that just because of propaganda by the government controlled media, Singapore has now become really a successful first-world economy as painted.

Every other Asian tiger is having a strong economy while China is doing a 11% GDP so there is nothing to boast about this transient blip of growth. Will our economy do better or will it sink into deep recession and be the last to recover again. This remains to be seen.

If the present economy has climbed out of recession it is not due necessarily to good governing. This present return to growth is partly or largely due to CPF and wage cuts and the people's own diligence despite all the taxing and double-taxing by a profit-oriented governing system.

If it is growing now because the world economy or IR it is doubtful we will have a sustainable good value-adding and technology-oriented world-class economy like the Swiss or Korea have.

If it is due to the IR or property hype, don't be happy or over-confident too soon as we may lose our pants if IR fails for a variety of reason.

Fundamentally the economy is still very weak and frail with many MNCs unable to overcome our high and ever-rising costs in every area from transport to utility due to a double-charging creative accounting by the government.

They are merely hanging on due to temporary world recovery and may have every intention to phase out their operations to cheaper destinations given the slightest downturn because of our government lack of vision in restructuring the economy for years to the much-talked-about value-adding technology economy. Our ministers do not understand like Stanley Shih of Acer did the strategy to build what the world needs and create new value-add technology start-ups or motivate our own entrepreneurs to fire our own domestic sector.

We have been talking for years to restructure the economy but without the like of Goh Keng Swee in recent cabinet it is still essentially one which is based on attracting foreign investors with incentives and throwing of monies at them but without motivating mass participation in practical knowledge application in every field nothing else will happen.

The largely taxing and cost-recovering and profiteering ype of government sucks all the monies from the citizens especially the lower-middle to middle income groups killing the goose that lays the economic golden egg.

So do not assume the government needs all the autocracy to promote growth and vibrancy of the economy. It has largely failed to motivate people and restructure the economy. If it wants to succeed truly in creating a successful economy it is more than world recover, IR and property-driven growth.

qlqq9 SG

They have to keep announcing that Singapore is a successful first-world economy, economy keeps growing to attract foreign investors. To them it is very essential and important that Singapore keeps attracting more and more foreign investors here.

Frankly, to the foreign investors there are other countries to consider. When deciding whether to operate here, foreign investors will take into consideration the rising cost here.

robertteh SG

A diamond is a diamond. A fake is a fake.

duotiga83 SG

It is interesting to note in today's ST forum column, there is 1 lady feedback in regards to our 1st world system compared to Japan. Do check it out Wink

robertteh SG

roberttehkh wrote:
It would be naive to believe that just because of propaganda by the government controlled media, Singapore was really a successful first-world economy as painted.

Every other Asian tiger is having a strong economy while China is doing a 11% GDP so there is nothing to boast about this transient blip of growth. Will our economy do better or will it sink into deep recession and be the last to recover again. This remains to be seen.

If the present economy has climbed out of recession it is not due necessarily to good governing. This present return to growth is partly or largely due to CPF and wage cuts and the people's own diligence despite all the taxing and double-taxing by a profit-oriented governing system.

If it is growing now because the world economy or IR it is doubtful we will have a sustainable good value-adding and technology-oriented world-class economy like the Swiss or Korea have.

If it is due to the IR or property hype, don't be happy or over-confident too soon as we may lose our pants if IR fails for a variety of reason.

Fundamentally the economy is still very weak and frail with many MNCs unable to overcome our high and ever-rising costs in every area from transport to utility due to a double-charging creative accounting by the government.

They are merely hanging on due to temporary world recovery and may have every intention to phase out their operations to cheaper destinations given the slightest downturn because of our government lack of vision in restructuring the economy for years to the much-talked-about value-adding technology economy. Our ministers do not understand like Stanley Shih of Acer did the strategy to build what the world needs and create new value-add technology start-ups or motivate our own entrepreneurs to fire our own domestic sector.

We have been talking for years to restructure the economy but without the like of Goh Keng Swee in recent cabinet it is still essentially one which is based on attracting foreign investors with incentives and throwing of monies at them but without motivating mass participation in practical knowledge application in every field nothing else will happen.

The largely taxing and cost-recovering and profiteering ype of government sucks all the monies from the citizens especially the lower-middle to middle income groups killing the goose that lays the economic golden egg.

So do not assume the government needs all the autocracy to promote growth and vibrancy of the economy. It has largely failed to motivate people and restructure the economy. If it wants to succeed truly in creating a successful economy it is more than world recover, IR and property-driven growth.

"Nothing2Do"
You state that the current growth is attributed to CPF and wage cut; and if that is the case, you should have acknowledged that is good government's policy - the proponent of wage restructuring during the last economic crisis. Give credit when it is due.

Robertteh
If you are to look at all the daily media reports are not the ministers already taking enough of credit for themselves every other day for whatever the GDP and IR and property growth happening due to world recovery.

So given this type of superficiality and hypocrisy in governing the country really how do they expect to receive more credit when all including the credit not due are already all taken by them.

So really how to expect citizens to give them more credit if credit is not due to them - cpf cuts and wage cuts to them are the only way they could manage the economy.

They should have motivated its own citizens with incentives for mass participation in running the country or generating growth through greater creativity and entrepreneurship in governing the country and not legalistic wrangling to get their way to entrench themselves in power at the expense of citizens' livelihood or economic competitiveness.
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qlqq9 SG

They are not and will not get people to participate in running the country for they are fearful they will lose power if they do so. From beginning till now they are still who they are, going for power more than caring for the people. All these years, they have been working so hard to keep themselves at power and make sure nobody has any chance to take over them. See the way they treat the oppositions! Will there be any end to the oppression?