atans1

S’pore’s GDP growth: Third lowest in Asean

In Economy on 21/02/2015 at 4:45 am

Pay ministers millions for this type of economic management?

What do you think?

  1. It’s the manner you presented this that shows your partiality in downgrading what Singapore and Singaporeans have achieved over the last 50 years. It’s double digit GDP growth for S’pore during its infancy of economic striving. That it was so was because it started from a low base and thus any growth would be large, as in this case for the other S E Asian countries. Once economic growth reached a plateau, it would be very challenging to maintain growth beyond 3-5 %. Our S E Asian neighbours had earnestly begun to grow their economy only in the last 10 or so years, and like us would see big GDP growth from a rather low base. How many advanced economies can get this genre of GDP growth nowadays?

    • Watch out for my reply next week via a blog post. I notice you avoided the issue of hogh ministerial salaries. Well the ministers in the West don’t pay themselves so much.

      • How would you ensure a strong GDP growth in tandem with those of countries shown in chart above? What policy direction you would put in place to give that impetus for GDP to rise and rise? Its the agenda of those who would discredit the ministerial salary to just focus on the word millions to the exclusion of related issues like perks, income tax, work performance, work demands etc.

  2. PAPies will tell you: without their multi-million dollar talents we will have negative GDP instead.

    Anyway I think FT and those ivory tower Asean economists & bureaucrats are too optimistic. Sinkie GDP growth over next few years will average 3% due to coming financial crisis, long recession and PAPies hitting the wall on population-growth GDP.

  3. The conscious efforts to slow down the growth or approval of foreign workers (both employment pass holders particularly those in the lower rung of such pass holders and permit holders) after the 2011 general election is a contributing factor to the lower economic growth. Also, as Ivan Ho suggests above Singapore is a developed country and like most other developed countries we have reached an economic plateau, at least somewhat. It is likely that Singapore will find it hard to sustain an indefinite high economic growth rate above 5% or double digits as we had in past decades.

    While our ministers do get very highly paid compared to many others, I do not mind it too much as our government is among the least corrupt in the world. There are so many governments which on the surface pay their cabinet ministers very much smaller salaries but which in effect enrich themselves under the table to millions or even billions of $$$. These literally bankrupt their countries which for centuries are just not able to get out of their national poverty trap.

    Yes, I am aware that the first world countries like USA and other western countries pay their government officials much less than Singapore’s but they have centuries of history where many citizens deem it an honour to serve the country. Many of these however leave their office later to tour the globe giving speeches in conferences with million $$$ fee. Bill Clinton is a classic example.

    I would love to have our government pay themselves with lower salaries but such is our culture that money does the talk (the PAP government no doubt helped cultivate this culture and we citizens got hooked). I won’t lie to myself that our cohort of government leaders in several past elections were / are not attracted to the big bucks but there are some who were already earning big bucks in the corporate world before they joined PAP (eg. Ng Eng Hen and our present Law Minister).

    It is interesting to note that WP support the pay scale for our ministers – as revealed a couple of years ago when the PM lowered the cabinet’s salaries. And let me also say that not all opposition parties including the present ones who are now elected MPs were not also attracted to the MP allowance (if I recall it correctly it is to the tune of some $13k per month – very generous). I dare say that some of them are not even earning that kind of salary in their commercial full time employment!

    So I am not taken in by anyone, except for a handful, telling me that he or she is serving the country as a MP or cabinet minister out of altruism. Except for a few but then these have already earned their millions so are already financially well-heeled to retire comfortably (eg. the two ministers named above and Chen Show Mao who also earned big $$$ prior to standing at Aljunied).

  4. “GDP measures everything except what makes life worthwhile”,Kennedy, Robert F. Speech at University of Kansas, March 18, 1968. Accessed August 6, 2010.
    Singapore with the third highest per capita GDP probably has the highest income inequality, confirmed if compared to the OECD Countries, and that is where PAP has failed with very little chance of improvement, because the present PAP strongly believe to grow GDP by adding labour and capital,and is not able to raise productivity despite some belated efforts.

  5. A couple of million or more is not too much to pay for a good Minister or PM. But there is no way to get rid of bad ones before their time is up. If jobs, affordable housing and education and a decent retirement were in place, nobody would even think about their salaries.

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