GDP-ism: What next for S’pore?

December 8, 2015

Growing GDP?

I refer to the article “Moving Asia beyond GDP-ism” (Straits Times, Dec 8).

It states that “A lot of growth, however, has been neither inclusive nor sustainable. Inequality and injustice rise. ..

There is obviously no easy fix-it, but I shall argue here that while growth may be required, the obsession political leaders and policymakers have had with gross domestic product (GDP) has been harmful.

There is an urgent imperative for a vision beyond GDP-ism.

The Singapore model?

As Singapore increasingly becomes a hub of learning and thinking, it would seem that it would be the ideal location for concentrated thinking on “where do we go from here, where do we go beyond GDP-ism”.”

Lowest historical economic growth?

Despite the relentless influx of foreign labour and immigration in the last decade or so, and record levels of domestic debt, private debt and public debt – economic growth is now at historical record lows.

HDB, CPF and healthcare policies?

The drive to grow GDP, coupled with policies that do not spend any money – from a cashflow perspective – on pensions, public housing and healthcare – may have made the lives of many Singaporeans harder.

Leong Sze Hian

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.