The Singapore government is willing to trade off economic growth for social harmony, said DBS chief executive Piyush Gupta yesterday. Yes, the government’s new goal is sustainable growth, not high growth. And it comes at a cost.
Singapore’s mainstream media don’t want to sound alarmist. Maybe that’s why the Business Times says about the property market cooling measures: “The more dire estimates expect property prices to fall by up to 10 per cent …”