Growing the economy doesn’t mean more FTs, nor more start-ups, nor more financing of SMEs (owners use money to buy property, flashy cars and donate to WP LOL), but an innovation ecosytem.
This comment by someone analysing the stagnation in the West applies here too
What we need if we are to avoid the much-feared “secular stagnation” is not many small startups—or an obsession with financing “SMEs”–but an innovation ecosystem in which these new firms are made relevant through a dynamic interaction of public and private investments. This requires a public sector able and willing to spend large sums on education, research and those emerging areas that the private sector keeps out of (because of high capital intensity and high technological/market risk); large firms which reinvest their profits not in share-buybacks but in human capital and R&D; a financial system that lends to the real economy and not mainly to itself; tax policy that rewards long run investments over short run capital gains; immigration policy that attracts the best and the brightest from around the world; and rigorous competition policy that challenges lazy incumbents rather than letting them get away with high prices and parasitic subsidies.
Given the importance the PAP places on growth (a growing economy translates into voters: a Hard Truth that went wrong when the PAP forgot that growth must benefit voters), one can only hope it focus on creating an innovative ecosystem, rather than talk about it, as it has done for yrs on end.