Inclusive growth amid Covid-19 is key task post-GE2020: Business leaders

Many believe that Singapore will retain its standing as a global hub for trade and talent

Sharanya Pillai

Published Sun, Jul 19, 2020 · 09:50 PM

Singapore GE2020

Singapore

THE bread-and-butter issues of job security and the cost of living remain pressing in the aftermath of Singapore's General Election, C-suite executives told The Business Times. But they also flagged a greater focus on inclusive growth.

The continuing uncertainties over Covid-19 mean that Singapore will need to remain nimble in economic policy-making while also placing more emphasis on low-income groups disproportionately hit by the pandemic, they said.

But even as calls for redistributive policies such as wealth taxes get louder, business leaders say they do not expect any sizeable impact on Singapore's attractiveness as a global hub for trade and talent.

In GE2020, the ruling People's Action Party (PAP) retained its supermajority in Parliament with a lower-than-expected vote share of 61.2 per cent. The result defied pundits' forecasts of a "flight to safety" among vote…