Economic growth remains fundamental in the agenda of the People’s Action Party (PAP), as it prepares the next government.
“I don’t think that will change,” said Prime Minister Lee Hsien Loong, who is also the PAP’s secretary-general, as he took note of the issues that prevailed during the campaigning period.
Among these are the cost of living, inflation and the huge influx of foreign workers.
Mr. Lee added that the post-2011 election government will be more sensitive to Singaporeans’ concerns when laying down economic policies.
“How exactly you go about doing it, where you calibrated the balance and the trade-offs, and whether we can do some of the things better, find better ways, strategies, which can benefit Singaporeans even more — (these) we will continue to study.”
Eugene Tan, an assistant law professor at the Singapore Management University (SMU), said Singaporeans are now expecting economic growth with a human face and a heart.
The government will be under pressure to be more aware of the cost of an all-out growth.
“The accents of economic growth will be tweaked. So it’s not just about economic growth but how we are going to achieve that economic growth without feeling displaced,” Dr. Tan said.
However, observers don’t expect such changes to shake the confidence of investors and businesses in Singapore.
Despite the PAP losing two wards, including a group representation constituency (GRC) for the first time, Dr. Tan believes investors will view the results of the elections as a vote for continued stability.
“The outcome will not send jitters to the market. Many will see it as business as usual,” he said.
Meanwhile, PM Lee noted that a lot will depend on how things are done after the elections. “If things play out constructively, well, we’re into a new phase, this is something which happens as a society develops, evolves, matures.”
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