Help Those Losing Out From Globalisation

At the Singapore-France Economic Forum (Les Rencontres Economiques) yesterday (24 Nov), Deputy Prime Minister and Coordinating Minister for Economic and Social Policies, Tharman Shanmugaratnam noted that those who are losing out from globalisation need to be helped. 

Speaking at the forum themed “Europe and the Asian Century: Keys for the World Economy”, Mr Tharman noted that now, more than ever, particularly in the advanced world, there is a temptation to withdraw from things global. “The only positive strategy forward is to stay open, find ways in which we can have increased cooperative internationalisation, but do far more to help those who lose out.” Adding that other than focusing on redistribution, attention ought to be paid to regeneration as well.  

Also that societies need to address the issue of productivity growth and invest more in education, to help people cope with changes and be better prepared for the workforce. 

“We have to tackle the widening gap between firms. Speed up learning, speed up the spread of latest practices, latest software, latest ideas, latest equipment, and latest management practices,” said Mr Tharman. 

Source: “ Help those who’ve ‘lost out’ from globalisation: Tharman”, (The Straits Times, 25 November 2016)

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