He said the government has never pursued GDP as an end in itself. Rather, growth has been pursued with a firm commitment to fairness, and as the foundation for broader benefits for all.
"The criticisms against growth are not uniquely heard in this House. They are also heard in other developed countries, as growth becomes tainted by the excesses of capitalism. But they have arisen more fundamentally due to the pressures in the workplace brought about by globalisation and the IT revolution," said Mr Wong, who is also MP for West Coast GRC.
"In the past, the competition came from low-wage, low-skilled workers. Now, there is also competition from low-wage, high-skilled workers. Reading X-rays or filing tax returns can be done by lower-paid radiologists or accountants - they do the work in India, and send the results back the next day via fibre-optic cable," he added.
Mr Wong explained that very few other countries have emerged from the last five years of the global turmoil with such positive results.
But Singapore made it happen, because of policies to promote sustainable and inclusive growth - growth that benefits every citizen, strengthens social solidarity, and increases living standards not just for today, but for future generations as well.
Turning to education, Mr Wong said: "Next year, the new Singapore University of Technology and Design (SUTD) will take in its first batch of students. The Singapore Institute of Technology (SIT) will also have new programmes with overseas universities.
"So we can expect an increase of around 1,000 university places for Singaporeans in 2012. Thereafter, there will be an increase of another 1,000 more university places over the next few years."
Concluding his speech, he said that while the government will do its part to facilitate and lead in terms of the broad directions, it will also need the support of Singaporeans.
Mr Wong said: "To understand and tackle our challenges fully and vigorously, we need to draw on the expertise and resources of all our people. This means that the government should pull back from being all things to all citizens, and give Singaporeans the opportunity and space to organise themselves, and develop their own solutions."
- CNA /ls
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