Workers’ Party calls for rethink of Singapore’s economic strategy
S’pore’s economy can be reshaped for the fair distribution of wealth to be built into its growth strategy, said WP MP Kenneth Tiong.
Singapore's opposition Workers’ Party (WP) has called for a reevaluation of the nation's economic strategy, advocating for a more equitable and inclusive approach. WP Member of Parliament Kenneth Tiong proposed shifting the focus from merely growing the economy to creating a growth model that inherently distributes wealth fairly, rather than redistributing it through vouchers or rebates later on.
He suggested rethinking the basis of land value, proposing to price state land according to development cost rather than scarcity, with a system prioritising young people and young companies. This idea is being tested at Nanyang Technological University, where a special zone could be created for experiment and innovation. WP MP Jamus Lim argued that Singapore should shift its growth strategy from relying on foreign multinational corporations (MNCs) to fostering small and medium-sized enterprises (SMEs) as the backbone of the economy.
He urged the government to promote a bottom-up approach, encouraging the formation and growth of indigenous companies and empowering the local workforce to drive innovation and a 21st-century, technology-led economy.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
