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Thread: Tharman accepts slower growth as trade-off for social stability

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    Default Tharman accepts slower growth as trade-off for social stability

    http://www.businesstimes.com.sg/brea...ility-20140606


    [SINGAPORE] Singapore is willing to accept slower growth as a trade-off for social stability as it aims to keep down the number of foreigners working in the city-state, finance minister Tharman Shanmugaratnam told Reuters.

    Over the past decade, Singapore's economy has expanded by a 6.4 per cent annual average. Tharman said that he would be happy if Singapore grew 3 per cent a year, as long as growth was driven mainly by gains in productivity. "Three percent growth is good growth," he said during an interview on Thursday.

    High past growth has brought rising numbers of foreigners to work in wealthy Singapore, which in turn has spurred discontent among citizens angered by the strains put on infrastructure and services.

    Between 2000 and 2013, Singapore's population rose to 5.4 million from 4 million, with foreigners accounting for the bulk of the 35 per cent increase.

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    Its like the teacher said "no need to study harder, we got lower score never mind. So the dumb students won't feel so bad".

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by princess_morbucks View Post
    How the SG economy can grow if so much money being remitted back?

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    Quote Originally Posted by xebay11 View Post
    How the SG economy can grow if so much money being remitted back?
    Interesting theory "How the SG economy can grow if so much money being remitted back?" can share what you means.

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    Quote Originally Posted by xebay11 View Post
    How the SG economy can grow if so much money being remitted back?
    For the work permit holders, their salary is below $2.2K.
    How much will they remit home after spending some here?

    S pass holders earn at least $2.2 K.
    EP holders earn at least $3.3 K.

    S pass and EP holders rent homes here and most have their families here.
    So they will spend their bulk of salary here.

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    Interesting Logic, so when china sell what they manufacture to US and there is a trade deficit they are richer than US. True or False.

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    Bad move. Bad bad one.


    Quote Originally Posted by princess_morbucks View Post

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    Quote Originally Posted by thomastansb View Post
    Bad move. Bad bad one.
    Why would you think so?

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    In my house, more money means more harmony. How come one can say less money more stability. Does he has a scientific proof to say less economic growth mean more social stability?. How can a leader say such a thing?.

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    Quote Originally Posted by indomie View Post
    In my house, more money means more harmony. How come one can say less money more stability. Does he has a scientific proof to say less economic growth mean more social stability?. How can a leader say such a thing?.
    Post 2011 GE, Transport Suck, Housing Suck, CPF Suck, Medical Suck, future of old and young Suck. Only a handful of people benefit from the economic growth now it pay back time.

    Transport minster out, Housing minster out, Labor minister out, two wise man out. So far can see some light.

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    Singapore grow fast - people complain (one example - see Roy's article below):

    http://thehearttruths.com/category/i...tter-than-you/

    Minister of Trade now says okay for Singapore to grow slower - people also complain .....

    Anyway he says slower economic growth, he did not say don't grow!

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    Quote Originally Posted by rymccondo77 View Post
    Singapore grow fast - people complain (one example - see Roy's article below):

    http://thehearttruths.com/category/i...tter-than-you/

    Minister of Trade now says okay for Singapore to grow slower - people also complain .....

    Anyway he says slower economic growth, he did not say don't grow!
    It is unprecedented that a leader projecting a slower growth and at the same time pointing out the benefit of slower economy. There is no benefit on slower economy. Not even social stability.

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    Diff ppl diff stroke. Ppl here generally r diff from Roy supporters

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    His statements is like a bad news, good news jokes:

    A guy is in the hospital with two broken legs. The nurse comes in and tells him that there's good news and bad news.

    The guy asks for the bad news first.

    The nurse says, "We're going to have to remove your legs."

    Then the guy asks for the good news.

    The nurse says, "The guy beside you wants to buy your sneakers."

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    Personally, I would rather trust Tharman

    http://www.euromoney.com/GatewayAd.a...ugaratnam.html

    P.S. Not that I am a PAP fan. Neither am I a Roy supporter.

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    Quote Originally Posted by rymccondo77 View Post
    Personally, I would rather trust Tharman

    http://www.euromoney.com/GatewayAd.a...ugaratnam.html

    P.S. Not that I am a PAP fan. Neither am I a Roy supporter.
    Who are the people who give away "finance minister of the year award"? Allies or competitors?. Most likely are the allies. If they like what you are doing that benefit them, they give you an award. Its as simple as that.

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    True award is when your competitors curse at you.

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    1) Like I said, I would rather trust in Tharman (even if he wins no awards!).

    2) When a public figure says something, there will be people who agree or like what he / she says, and there will be those who think otherwise.

    Can't please everybody

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    I trust Tharman, that Roy guy is going to occupy hong lim tomorrow. I just shake head.

    Maybe garmen should just let all whom wants to withdraw CPF to withdraw and sign indemnity that they are not longer eligible for state support in their old age. cos they spent their $$$, do not have a roof over their head, no $$$ to makan, come and beg the garmen for welfarism. Look for Roy then...
    Just Do It! 要拼才会赢!

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by princess_morbucks View Post
    For the work permit holders, their salary is below $2.2K.
    How much will they remit home after spending some here?

    S pass holders earn at least $2.2 K.
    EP holders earn at least $3.3 K.

    S pass and EP holders rent homes here and most have their families here.
    So they will spend their bulk of salary here.
    My safety coordinator clocks in at least $6k and above with OT and lives in worker's dormitory, so don't be so naive, many workers earn at least $2k with OT, live in worker's dormitory, so they can remit substantial amounts, EP and S pass holders, also earn quite a bit on average $3 to $4k and more, you are wrong many don't bring their families here and they rent rooms, many even share, again they remit home a sizable amounts of money, you seem to be out of touch, even maids remit almost all of their salaries back home so do Malaysians, many go back everyday so their money earned here goes back to Malaysia, please go visit money remittance centers in Orchard Road, Serangoon Road, Chinatown and Boon Lay and see first hand the crowds before you comment, look at the explosion in growth in JB infrastructure and residential properties, all these are fuelled only recently by the huge influx of Malaysians working in Singapore and spending back home.

    Please come down to the ground to see. The leakage of money out of Singapore is tremendous, like you, nobody sees this or even wants to address and recognize this catastrophic leakage. The ministers only focus on growth but much of the growth is leaked out to other nations.

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    Quote Originally Posted by xebay11 View Post
    My safety coordinator clocks in at least $6k and above with OT and lives in worker's dormitory, so don't be so naive, many workers earn at least $2k with OT, live in worker's dormitory, so they can remit substantial amounts, EP and S pass holders, also earn quite a bit on average $3 to $4k and more, you are wrong many don't bring their families here and they rent rooms, many even share, again they remit home a sizable amounts of money, you seem to be out of touch, even maids remit almost all of their salaries back home so do Malaysians, many go back everyday so their money earned here goes back to Malaysia, please go visit money remittance centers in Orchard Road, Serangoon Road, Chinatown and Boon Lay and see first hand the crowds before you comment, look at the explosion in growth in JB infrastructure and residential properties, all these are fuelled only recently by the huge influx of Malaysians working in Singapore and spending back home.

    Please come down to the ground to see. The leakage of money out of Singapore is tremendous, like you, nobody sees this or even wants to address and recognize this catastrophic leakage. The ministers only focus on growth but much of the growth is leaked out to other nations.
    Which country does not allow remittance of money from foreign workers????

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    Social stability should NOT be traded off for anything, high growth, low growth or no growth. It is an old communist rhetoric.

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    PAP is trying to make it obvious for the its citizens that if you dont want foreigners, then please be ready to accept slower growth and self service
    "Never argue with an idiot, or he will drag you down to his level and beat you with experience."

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    Quote Originally Posted by indomie View Post
    Social stability should NOT be traded off for anything, high growth, low growth or no growth. It is an old communist rhetoric.
    in case i dont misunderstand you, do you mean to say social stability has priority ?

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    Quote Originally Posted by Ringo33 View Post
    PAP is trying to make it obvious for the its citizens that if you dont want foreigners, then please be ready to accept slower growth and self service
    That's reversed psychology. Are we kids?

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    Quote Originally Posted by hopeful View Post
    in case i dont misunderstand you, do you mean to say social stability has priority ?
    Social stability is a separate issue from economic growth. It is NOT more important than economic growth. However, it is dangerous when you are connecting the two separate issue together.

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    Quote Originally Posted by xebay11 View Post
    My safety coordinator clocks in at least $6k and above with OT and lives in worker's dormitory, so don't be so naive, many workers earn at least $2k with OT, live in worker's dormitory, so they can remit substantial amounts, EP and S pass holders, also earn quite a bit on average $3 to $4k and more, you are wrong many don't bring their families here and they rent rooms, many even share, again they remit home a sizable amounts of money, you seem to be out of touch, even maids remit almost all of their salaries back home so do Malaysians, many go back everyday so their money earned here goes back to Malaysia, please go visit money remittance centers in Orchard Road, Serangoon Road, Chinatown and Boon Lay and see first hand the crowds before you comment, look at the explosion in growth in JB infrastructure and residential properties, all these are fuelled only recently by the huge influx of Malaysians working in Singapore and spending back home.

    Please come down to the ground to see. The leakage of money out of Singapore is tremendous, like you, nobody sees this or even wants to address and recognize this catastrophic leakage. The ministers only focus on growth but much of the growth is leaked out to other nations.

    They can remit all the money they like.
    The end result is more important, ie does Singapore benefit from their existence?
    The answer seems to be yes, but at the expense of some who can't tolerate the sudden increase in influx.

    Sometimes be naive and trust the ruling party to do its job well is good for individual's health.
    No need to feel upset and irked by it.

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    Here is the full article :

    http://news.asiaone.com/news/singapo...cial-stability

    SINGAPORE - Singapore is willing to accept slower growth as a trade-off for social stability as it aims to keep down the number of foreigners working in the city-state, Finance Minister Tharman Shanmugaratnam told Reuters.

    Over the past decade, Singapore's economy has expanded by a 6.4 per cent annual average. Tharman said that he would be happy if Singapore grew 3 per cent a year, as long as growth was driven mainly by gains in productivity. "Three per cent growth is good growth," he said during an interview on Thursday.

    High past growth has brought rising numbers of foreigners to work in wealthy Singapore, which in turn has spurred discontent among citizens angered by the strains put on infrastructure and services.

    Between 2000 and 2013, Singapore's population rose to 5.4 million from 4 million, with foreigners accounting for the bulk of the 35 per cent increase.

    Unhappiness about inflows of foreigners helped an opposition party gain ground in the 2011 general elections as the People's Action Party, which has ruled Singapore since independence in 1965, won only 60 per cent of votes, its worst showing to date. The next election must be held by January 2017.

    Tharman, who is also a deputy prime minister, said the government accepts a slower growth rate as the cost of ensuring the country retains its national identity, combats over-crowding and keeps the ratio of foreign to local workers at around one-third.

    NOT LIKE DUBAI

    "We are never going to be Dubai, we are a country with a social ethos that we take very seriously," the 57-year-old finance minister said.

    The number of foreigners in Dubai is larger than that of locals, a result of its aggressive economic growth strategy.

    At the end of 2013, there were 1.32 million foreigners in Singapore who held employment or work-passes, around 38 per cent of the total work-force.

    In 2010, Singapore launched a 10-year plan to restructure its economy, aiming to increase productivity and cap the ratio of foreigners in the workforce at around one-third. The plan aimed to raise the productivity rate by an average of 2 to 3 per cent a year, though it actually fell in 2012 and 2013.

    In line with the plan, the government has imposed regulations to curb hiring of overseas workers in some sectors.

    Now many companies, particularly in the construction and hospitality sectors, are clamouring for a let-up in the rules, saying they are hurting their businesses.

    Last week, Prime Minister Lee Hsien Loong said the government would delay S$2 billion ($1.59 billion) of construction projects in order to reduce demand for foreign labour.

    Tharman said no tweaks would be made to the rules to help companies in the sectors that are struggling, as they had to adjust and find more productive ways of working instead. "Giving them a little more slack can make some sense in the short-term but it delays that long-term transition," he said. "We know that this is a transition that can be done, it's not inventing something that hasn't been done elsewhere."

    SOME INDUSTRIES WILL EXIT

    For some companies though, he said, the rules may ultimately mean they have to leave Singapore as its economy becomes less competitive for some industries. "You can't move into higher value, high innovation activities without freeing up labour and land from the old activities, but you have to leave it to the market," Tharman said.

    There are concerns that unhappiness about the number of foreigners in Singapore is causing some citizens to become hostile towards them.

    Last month, organisers of a planned celebration on Singapore's main shopping street of Philippine independence day cancelled it after online abuse directed at the Filipino community.

    Tharman said he didn't believe xenophobia was a major problem among Singaporeans or a threat to foreign investment.

    Citizens "would be concerned for valid reasons if there is overcrowding in the buses or in their housing estates" he said. "But I don't think they are motivated in an unhealthy way."

    In 2013, Singapore's economy expanded 3.9 per cent. The government forecasts growth of 2-4 per cent this year. Curbs on hiring foreign workers and steady economic growth mean the labour market is particularly tight, with unemployment hovering around 2 per cent.

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    Tharman said no tweaks would be made to the rules to help companies in the sectors that are struggling, as they had to adjust and find more productive ways of working instead. "Giving them a little more slack can make some sense in the short-term but it delays that long-term transition," he said. "We know that this is a transition that can be done, it's not inventing something that hasn't been done elsewhere."


    Yes its been done somewhere...... Its called Japan.

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    A crowded wet market is much better than an empty luxurious mall. Its a wrong direction to go.

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