In his parliamentary speech on 23 September 2025, Workers’ Party Member of Parliament for Sengkang GRC, Louis Chua, responded to the President’s Address by urging a bold reassessment of Singapore’s economic strategies, highlighting the disconnect between national wealth and citizens’ lived experiences.
Referencing Singapore’s ranking as the world’s fourth richest country by GDP per capita, Chua pointed out the paradox of rising income insecurity, cost-of-living concerns, and social unease.
Citing ADP Research, he noted that 60% of Singaporeans live paycheck to paycheck—higher than peers in China, South Korea, Japan, and Indonesia.
Despite global economic accolades, Chua questioned whether economic gains are reaching the majority of Singaporeans. He stressed the need to “grow most Singaporeans’ share of the pie,” not just the pie itself.
He argued that Singapore must transition from an economic model that relies heavily on foreign capital, technology, and labour, to one that empowers local enterprise and human capital.
While the government continues to attract multinational corporations and foreign direct investment, Chua emphasised the importance of cultivating indigenous companies capable of becoming global leaders.
Referring to historic economic advisors like Albert Winsemius, he criticised the declining role of citizen-owned companies and noted that data on indigenous GDP and GNI is no longer compiled. This, he argued, reflects an undervaluing of local contribution in favour of external investment.
Chua called for more concrete support for local innovation, citing examples such as OpenAI and Nvidia, which have created high value with small workforces. He questioned why, despite Singapore’s high academic achievements, similar global tech breakthroughs have not emerged from local enterprises.
He also raised concerns about youth employment, warning of a “lost generation” if AI-driven job displacement is not addressed. While he acknowledged initiatives like the GRIT Programme, Chua proposed extending full-time employment incentives for fresh graduates, including expanding the Jobs Growth Incentive.
Education, he argued, must also evolve. He quoted futurist Alvin Toffler, stressing the need to teach students how to “learn, unlearn, and relearn,” shifting away from rote learning to foster adaptability in the AI era.
Another critical issue raised was Singapore’s Total Fertility Rate (TFR), which fell below 1.0 in 2023 and remained low in 2024. Chua described the TFR crisis as an existential threat and advocated for a national-level task force to urgently address declining birth rates.
He supported the President’s pledge to help parents manage work and family life, but urged more ambitious and concrete policy moves, asking whether Singapore shows the same resolve in tackling its demographic challenges as it does economic ones.
In a direct critique of what he termed “rent-seeking behaviour,” Chua addressed the tendency across society to maximise financial returns—whether in property investment, corporate strategies, or land pricing by the state.
He warned that such practices elevate costs across the board, distorting economic priorities.
He supported initiatives to move away from the highest-bid wins in public tenders and instead promote price-quality considerations. Citing land cost inflation, he noted that land prices now account for 70% of project development costs, up from 4% in the 1980s.
To promote a more sustainable and innovative economy, he called for a change in the government’s approach to land tendering, possibly reviving concept-and-price methods rather than prioritising maximum revenue.
In the Mandarin segment of his speech, Chua reinforced the importance of collective responsibility, national unity, and inclusive policy-making. He cautioned that economic success must not come at the cost of social inequality, and called for diverse voices to be included in shaping policy.
He concluded by affirming the Workers’ Party’s commitment to working constructively in Parliament. He urged for policy shifts that would allow every Singaporean to share meaningfully in the nation’s future—measured not by GDP, but by whether families can thrive, seniors can retire with dignity, and young Singaporeans feel proud to call the country home.
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