PM Lee speaks of sustaining development at Commonwealth meeting
SINGAPORE has sought to pursue sustainable development, and this means avoiding profligate spending and not entrenching state welfare, said Prime Minister Lee Hsien Loong on Saturday.
Speaking at the Commonwealth Heads of Government Meeting (CHOGM) in Sri Lanka, Mr Lee told his counterparts that it is right for governments to shield their people from the uncertainties and inequalities of the globalised world.
But such "noble intentions" have, in many countries, translated into state welfare which has failed to solve the problems of unemployment and a lack of competitiveness.
Rather, the result has been growing debt as governments spend beyond their means, he said.