Senior Minister Tharman Shanmugaratnam said on Monday during a dialogue at the Singapore Summit that the country cannot rely on its domestic economy for growth.
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“If we are a middling business centre or if we think we can get growth out of a domestic economy, not only will we not be able to grow opportunities, but more Singaporeans will leave the place… So it’s clearly not an option.”
Mr Tharman further stated that for Singapore to remain competitive and successful as an economic hub, the country must continue to be open to flows of people.