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Singapore's economy must 'evolve' to support higher order aspirations: ESM Goh
By Wong Siew Ying
POSTED: 08 Nov 2014 00:07
RELATED CONTENTS
Emeritus Senior Minister Goh Chok Tong said an aspirational economy is one that assures Singaporeans of basic needs and material comforts, while at the same time, generates growth and opportunities to enable them to pursue higher aspirations.
SINGAPORE: Emeritus Senior Minister (ESM) Goh Chok Tong has said that the Republic has a distinguished past but the economy must evolve to support higher order aspirations.
He was speaking at the 80th anniversary dinner of the Economics Department at the National University of Singapore on Friday (Nov 7). The dinner was attended by some 300 academics, alumni and students.
According to Mr Goh, an aspirational economy is one that assures Singaporeans of basic needs and material comforts, while at the same time, generates growth and opportunities to enable them to pursue higher aspirations.
In addition to income and wealth, other factors clearly matter to Singaporeans' sense of emotional well-being and life satisfaction, Mr Goh added. These include solid family relationships, good work-life balance, good health, a sense of community, a strong network of friends, participation in arts and sports, volunteerism and contribution to charity.
"An aspirational economy will still need to remain competitive. This requires a qualitative shift in our skills and mindsets. It innovates and creates to push boundaries of productivity and competitiveness, and open up new areas of opportunity,” Mr Goh said.
“It embraces setbacks as an essential ingredient for eventual success, it encourages critical debate and exchange of ideas. And it values and nurtures local talent, while staying open to foreign talent. To prepare for such a future, we must stay teachable, so that we can constantly adapt and contribute,” he added.
LIFE SKILLS JUST AS IMPORTANT AS HARD SKILLS
Mr Goh noted that an aspirational economy is not just about hard skills. He said: "We will also need to hone our life skills and instincts. It is not sufficient to have just brainy people in an aspirational economy; we also need people who can build, manage, sell and serve.”
Mr Goh said the SkillsFuture Council will oversee continual learning and training efforts to ensure that people have the skills and mindsets to thrive in the aspirational economy.
But besides staying competitive, an aspirational economy should also foster empathy and compassion. Mr Goh said more can be done to instil "compassionate meritocracy as the cornerstone of Singapore".
BALANCING THE YIN AND YANG OF AN ASPIRATIONAL ECONOMY
He added that the Government's "new way forward" for Singapore balances the yin and yang of an aspirational economy.
Other than tackling economic issues, it also focuses on ensuring inclusive growth through programmes like WorkFare and the Progressive Wage Model for cleaners and security guards.
The Government has also committed resources to schemes like the Pioneer Generation Package and MediShield Life. Mr Goh said Singaporeans are also doing a lot more for each other as volunteerism has almost doubled in the past decade.
"Compassion and competition are the yin and yang of an aspirational economy. Individual drive and team competitiveness enable Singapore to grow and prosper but compassion breathes soul into our economic machinery and tempers the individualistic nature of meritocratic competition. It gives meaning to our economic pursuits and our lives,” he said.
Last year, the Government dedicated close to half - or 7 per cent of GDP - of its total spending, including special transfers, on social needs.
Mr Goh added that social sciences can play a bigger role in advancing Singapore as an aspirational economy. The Government is considering how to make a bigger push in the area of social sciences research that can yield dividends for Singapore. To this end, he said the Government will need to engage academia more to initiate joint research projects, fund research and share data.
Mr Goh said: "The bottom line is that we need to produce more local social science researchers who will put in the effort to understand our own circumstances, conduct applied research and offer possible policy solutions."
- CNA/dl
http://www.channelnewsasia.com/news/singapore/singapore-s-economy-must/1459948.html
if the return my CPF, my aspiration will be resolved without the need to support theirs.
By Wong Siew Ying
POSTED: 08 Nov 2014 00:07
RELATED CONTENTS
Emeritus Senior Minister Goh Chok Tong said an aspirational economy is one that assures Singaporeans of basic needs and material comforts, while at the same time, generates growth and opportunities to enable them to pursue higher aspirations.
SINGAPORE: Emeritus Senior Minister (ESM) Goh Chok Tong has said that the Republic has a distinguished past but the economy must evolve to support higher order aspirations.
He was speaking at the 80th anniversary dinner of the Economics Department at the National University of Singapore on Friday (Nov 7). The dinner was attended by some 300 academics, alumni and students.
According to Mr Goh, an aspirational economy is one that assures Singaporeans of basic needs and material comforts, while at the same time, generates growth and opportunities to enable them to pursue higher aspirations.
In addition to income and wealth, other factors clearly matter to Singaporeans' sense of emotional well-being and life satisfaction, Mr Goh added. These include solid family relationships, good work-life balance, good health, a sense of community, a strong network of friends, participation in arts and sports, volunteerism and contribution to charity.
"An aspirational economy will still need to remain competitive. This requires a qualitative shift in our skills and mindsets. It innovates and creates to push boundaries of productivity and competitiveness, and open up new areas of opportunity,” Mr Goh said.
“It embraces setbacks as an essential ingredient for eventual success, it encourages critical debate and exchange of ideas. And it values and nurtures local talent, while staying open to foreign talent. To prepare for such a future, we must stay teachable, so that we can constantly adapt and contribute,” he added.
LIFE SKILLS JUST AS IMPORTANT AS HARD SKILLS
Mr Goh noted that an aspirational economy is not just about hard skills. He said: "We will also need to hone our life skills and instincts. It is not sufficient to have just brainy people in an aspirational economy; we also need people who can build, manage, sell and serve.”
Mr Goh said the SkillsFuture Council will oversee continual learning and training efforts to ensure that people have the skills and mindsets to thrive in the aspirational economy.
But besides staying competitive, an aspirational economy should also foster empathy and compassion. Mr Goh said more can be done to instil "compassionate meritocracy as the cornerstone of Singapore".
BALANCING THE YIN AND YANG OF AN ASPIRATIONAL ECONOMY
He added that the Government's "new way forward" for Singapore balances the yin and yang of an aspirational economy.
Other than tackling economic issues, it also focuses on ensuring inclusive growth through programmes like WorkFare and the Progressive Wage Model for cleaners and security guards.
The Government has also committed resources to schemes like the Pioneer Generation Package and MediShield Life. Mr Goh said Singaporeans are also doing a lot more for each other as volunteerism has almost doubled in the past decade.
"Compassion and competition are the yin and yang of an aspirational economy. Individual drive and team competitiveness enable Singapore to grow and prosper but compassion breathes soul into our economic machinery and tempers the individualistic nature of meritocratic competition. It gives meaning to our economic pursuits and our lives,” he said.
Last year, the Government dedicated close to half - or 7 per cent of GDP - of its total spending, including special transfers, on social needs.
Mr Goh added that social sciences can play a bigger role in advancing Singapore as an aspirational economy. The Government is considering how to make a bigger push in the area of social sciences research that can yield dividends for Singapore. To this end, he said the Government will need to engage academia more to initiate joint research projects, fund research and share data.
Mr Goh said: "The bottom line is that we need to produce more local social science researchers who will put in the effort to understand our own circumstances, conduct applied research and offer possible policy solutions."
- CNA/dl
http://www.channelnewsasia.com/news/singapore/singapore-s-economy-must/1459948.html
if the return my CPF, my aspiration will be resolved without the need to support theirs.
