Columbia University economic historian Adam Tooze popularised “polycrisis” to describe the multiple global crises confronting the world simultaneously on an almost unprecedented scale in 2022.
These crises include the Russian invasion of Ukraine, intense geopolitical rivalry between China and the United States, cross-Taiwan Straits tension, nuclear weapons on the Korean peninsula, and the lingering Covid-19 pandemic.
Adding to the cost of living concerns is the Goods and Services Tax increase, from 7 to 8 per cent effective January 1, 2023, with another 1 percentage point increase due in 2024. As an export- and investment dependent economy, we are bound to be affected. However, the GST hike may bear the brunt of blame for the inflationary prices.
Hence, the GST hike, coupled with the large spending to help defray cost of living, can strike a dissonant note. For example, although the rationale for the two-phased GST increases this year and in 2024 have been regularly explained, some Singaporeans still cannot grasp the need for such a hike. The role of the elected president vis-à-vis the use of national reserves might also feature prominently in the campaign.
In the keenly-contested 2011 presidential election, some candidates campaigned on non-existent powers of the president, asserting claims to exercise executive authority and formulate public policy. The FSG initiative is aimed at securing societal consensus and buy-in for refreshing the social compact and to address some of the country’s key challenges.
A strong and robust social compact can help Singapore and Singaporeans better weather the storms ahead. It can help assuage the economic anxiety and fear that globalisation poses to some segments of society.
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