Singaporeans are suffering from high costs of living, low wages
and loss of economic competitiveness.
Since 1980s, despite all the economic restructuring the government
has failed to upgrade Singapore's economic competitiveness. Now it
is lagging behind the Asian tigers in technologies and the whole
economy is haning in the balance. When there is a world economic
recovery then Singapore economy will manage to stay above water.
While other tiger Asian economies are self-resilient Singapore
economy is totally at the mercy of foreign companies which are
still in the process of pulling out their operations to China,
India, Malaysia, Thailand and Vietnam etc. This has been the main
reason why the economy is facing so many problems. Only the
government is too proud not to see this loss of economic
competitiveness. Good people and talents are migrating fearing for
their future.
Now with the world economic recovering in 2005, our economy is
beginning to recover. However this recovery does not mean all the
problems facing the economy have disappeared. Our underlying
economic problems are being grossed over or covered up as the
domestic sector of the economy is still in bad shape. Just look at
all the business indicators : dropping COE prices, property slump
and highest business failures and bankruptcies and retrenchments to
understand the real problems. The GDP minus the GLCs and foreign
companies' contributions are probably in the minuses.
In view of the past mistakes in neglecting promotion of its own
economic resilience and technological development, the only
solution is now moral no more talents or leadership as claimes by
our leaders.
If the new leaders really want to save the situation, they should
lead by morality and not just on their presumptuous leadership or
talents. They should acknowledge past mistakes and presumptuousness
and admit there is now a serious losss of economic competitiveness
of Singapore and do something big,
The minsters for example should consider volunteering to lower
their high pays to a more realistic level or donate their excesses
to an eedowment fund to relieve the prolonged unemployed hopefully
without MM Lee interfering. This gesture will definitely
depoliticise the issue of ministers' pay and bridge the divide
between the government and people. This is a challenging way to
re-claim the government's morel authority over the next generation
of Singaporeans.
Will this move help save Singapore?
