Social goals a must when planning for future economy
More senior and part-time workers will be part of the workforce — how can we help them earn better wages? TODAY file photo
The Committee on the Future Economy should expand its agenda beyond moving the economy up the innovation ladder from “value-adding” to “value-creating” (“Committee on S’pore’s economic future to focus on 5 key areas”, Dec 22).
Some of its goals have been revealed, such as to spur new industries, create better jobs, enhance competitiveness, encourage better use of technology, improve corporate capability and workers’ skills, and develop better infrastructure and connectivity.
But the full terms of reference are not known yet, and in the meantime there are questions to be answered.
For example, what annual economic growth target would it set?
Emphasis would be given to developing new industries, especially digital ones. But would existing industries fall off the radar?
More senior and part-time workers will be part of the workforce; how could we help them earn better wages?
How will we narrow the income gap between the poor and the better-off? Will the committee look into the high costs of living and doing business?
Facing a declining old-age support ratio, will reviewing how to finance the increased spending on social services and public healthcare be part of its scope?
In economic planning, we are dealing with many conflicting goals. Holistic progress is needed so that the benefits will be felt by all. Hence, the planning parameters, assumptions and certain broad economic goals should be widely and robustly discussed.
We cannot plan without giving consideration to our social goals, such as achieving work-life balance, improving fertility rate, looking after the aged, developing culture and the arts, and building our social capital.
Our social goals may complement and compete with the economic upgrading efforts for resources, especially manpower. Good economic planning involves reaching the right balance.
These issues may be too wide-ranging for the Committee on the Future Economy to cover, especially within a short span of time. Perhaps sub-committees could be set up to support the committee by looking into these issues more thoroughly.
Ideally, if we blend our economic and social goals and agendas together, it would address the long-standing criticism that Singapore has pursued economic growth at all cost, promoted the needs of one sector at the expense of others, or taken care of only one demographic segment and neglecting the rest.
