Key facts
- Singapore Health Minister Ong Ye Kung argued against retreating from globalization, stating more economic integration is needed.
- He spoke at Nikkei's Future of Asia forum in Tokyo on June 11.
- Ong identified three pillars for governance: fiscal discipline, economic models fostering hope, and social cohesion, particularly regarding immigration.
- He described Singapore's immigration policy as 'calibrated openness and deliberate integration'.
- Prime Minister Lawrence Wong observed a shift from global integration to rising discontent and economic nationalism.
Singapore's Health Minister Ong Ye Kung asserted that calls to retreat from globalization risk undermining resilience, arguing instead for greater economic integration to diversify supply chains and address public concerns. Speaking at the Nikkei Future of Asia forum in Tokyo on June 11, Ong stated that the world has entered a "new era of interdependence" despite rising tariffs and decoupling rhetoric.
Ong, who is also Coordinating Minister for Social Policies, addressed diplomats, academics, and business leaders, emphasizing that the growing discontent over globalization can only be allayed if governments focus on citizens' everyday "bread-and-butter" concerns. He dismissed the notion that globalization is in retreat, highlighting integrated supply chains, increased mobility, and shared challenges like climate change and demographic shifts as defining features of the current era.
He proposed three pillars for "active, deliberate, and coordinated governance from within" to manage globalization's challenges. The first is sound fiscal discipline, warning against excessive debt in aging societies with soaring healthcare and pension costs. He noted Singapore's relatively low healthcare spending yielding good outcomes.
The second pillar involves developing economic models that generate growth, opportunities, and hope, advocating for embracing technological shifts and upskilling workers. The final pillar stresses the need for social cohesion, particularly concerning immigration. Ong warned that immigration could become a significant political divide if not managed properly, describing Singapore's approach as "calibrated openness and deliberate integration" focused on monitoring numbers, preventing enclaves, and fostering interaction.
Prime Minister Lawrence Wong, in separate remarks, observed a global shift from a period of unprecedented integration after the Cold War to one characterized by rising discontent, weakening global norms, and economic nationalism. He noted that for small countries like Singapore, this environment poses risks of marginalization, while larger countries will also face challenges in addressing common threats like pandemics and climate change.