Tharman
@Tharman_S
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President, Republic of Singapore; Chair, Board of the Group of 30; Co-Chair of: Global Commission on the Economics of Water, UN Human Development Report.
Singapore
Joined August 2014
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We may have done several things right in Singapore. But the threat is growing. Swift whole-of-govt actions, full transparency and continuous building of social trust are critical. Everywhere.
It can be done! 👍
Singapore 🇸🇬 is an astonishing success fighting the corona virus. Only 200 cases so far, no deaths. Singapore is tracing every single infected person, helping to avoid transmission. It’s so impressive, others should learn!
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@narendramodi
@narendramodi
Thank you very much. I am confident ties between Singapore and India will continue to blossom. Look forward to meeting you again.
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Rwanda’s recovery from genocide has been a story of sheer human fortitude. They’ve created the best governance in
#Africa
, brought child mortality down sharply and more than tripled per capita income since 2000. Singapore is working with them. Here with PM
@EdNgirente
in Kigali.
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Isher led the outstanding life. From humble origins to a leading economist of her time, active to the end. Life partner to Montek, mother and granny. Her work esp on cities will be relevant for a long time.
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A simple, indisputable fact: 'The longer this coronavirus circulates anywhere, the higher the chances that a variant could emerge that renders vaccines less effective. That’s just what viruses do. The solution is threefold: 1/2
We have all the tools to tame the
#COVID19
pandemic everywhere in a matter of months. It comes down to a simple choice: to share or not to share. My piece on
#VaccinEquity
in the
@nytimes
.
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1/6 It is widely assumed that a Covid-19 vaccine will come to our rescue soon. This is unlikely to be true, but, more importantly, it is a dangerous assumption on which to plan the overall response to the pandemic. via
@financialtimes
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Distant Thunder, which he made in 1973, is still one of my all time favourites. Ray, like Kurosawa, had a way of evoking emotions without being emotional.
Look at this beautiful photograph of Satyajit Ray in Kolkata. There’s only one word to describe it - “cool”.
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Japan is a leader in recycling. It takes both laws and a social culture, not one without the other.
Thanks to Japan's strict recycling culture, less than 5% of the country’s rubbish ends up in landfills
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Temasek and partners airlifting oxygen concentrators, non-invasive BiPAP ventilator machines and other essential medical supplies from Singapore to India. No one is safe till everyone is safe.
Temasek is partnering with
@airindiain
and
@AmazonNews_IN
to airlift essential medical supplies for hospitals and COVID-19 treatment centres across India to aid local communities in urgent need.
@actgrants
@thermaxglobal
@staragrigroup
@tatacompanies
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Swaminathan was a global leader of the green revolution. Developing high-yielding grains, creating a movement that saved India & Pakistan from mass hunger in the 1960s, and leading the International Rice Research Institute (IRRI) in the Philippines.
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I share articles or the things on my mind occasionally on my Twitter, but do join me too at my FB page at .
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'We need to share financially, to share doses with Covax, and to share know-how to urgently and massively scale up the production and equitable distribution of vaccines.' The point: it is in the interests of humanity, and of richer nations themselves. 2/2
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Another incontrovertible fact. ‘The costs of investing in prevention and early response, to tackle the root causes of health crises, are minuscule compared to the costs of paying for the consequences of underinvestment.’
It's clear we need to increase funding to prevent future pandemic threats. Important ideas on how to do that fairly from
@jarottingen
and colleagues.
Financing Global Health Security Fairly
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Excellent string on how room heights and traditional techniques/materials deal with heat/cold, regulate humidity, and give the same or better comfort with much less energy.
Before the International Style (modernism) in architecture, our ancestors knew how to adapt the room heights according to the climate, achieving maximum effect (comfort) for the least effort (energy). Today we trust in the grid and so build 8-9 ft rooms from Bermuda to Reykjavik.
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Evidence shows that if talented low-income students are mentored and coached, they are more likely to go to college, especially to a selective one. But we have to find them first. Universal free testing will help put more smart disadvantaged students on the radar.
Every test will, at some level, reflect underlying inequalities. But without standardized testing, college admissions relies more on grades (grade inflation is concentrated at higher-income schools) and extracurriculars (even more unequal)
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“We are not going back to the same world,” Tharman Shanmugaratnam warned. “We’ve got to avoid prolonged high unemployment... it’s not at all assured that we will get a return of tight labour markets even with traditional macroeconomic policies being properly applied.”
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Productive discussions today with Vice-President
@MBawumia
, Finance Minister Ken Offori-Atta and the rest of Ghana’s highly capable team implementing
#Ghana
Beyond Aid. We are building a new partnership, for both business and govt.
Mr.
@Tharman_S
commended the efforts of Ghana particularly in the area of mobile interoperability and the scale of Ghana's technological innovations in the Sub-region.
I reaffirmed the government's decision to deepen our longstanding and bilateral relations with Singapore.
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Underestimating this would be a mistake. The world was unprepared Covid, but at least scientists were already developing coronavirus vaccines. There are no human vaccines against fungi.
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‘He ain't heavy, he's my brother’. Here’s to good health and fulfilment in the year ahead..and to thinking of others’ burdens as our own. (Photo credit: Jack Choo, of white-bellied sea eagles. Published by Singapore NParks in Birds of Our Wetlands.)
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Striking differences in whether people feel more divided or less compared to pre-Covid times. US at one end, followed by Continental Europe; Japan & S Korea somewhat more divided than UK & Sweden; Aus, NZ, Taiwan, Singapore at the other end, more united.
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'These three seemingly innocuous words — “bachelor’s degree required” — are causing serious damage to our workers and economy…Smart employers are reworking job descriptions to focus on relevant skills, not how those skills were gained.' 1/
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Leatherbacks are the largest sea turtles, and a vulnerable species.
Thanks to empty beaches the threatened leatherback turtles are thriving in Thailand 🇹🇭. Huge surge in hatching! Let’s keep it this way after the crisis also!
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Would be sad, it it wasn’t so funny.
Hard to tell if I recorded this 30 years or 10 minutes ago...
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Defies stereotypes. Satisfaction with democracy is highest, and desire for major political or economic reform lowest, in New Zealand, Singapore, Sweden, Netherlands, Canada.
% who are satisfied with the way democracy is working in their country
Singapore 82%
Sweden 79%
New Zealand 76%
Canada 66%
Germany 65%
Australia 64%
UK 60% (feels high)
S Korea 53%
France 44%
US 41% (feels v high)
Japan 38%
Spain 35%
Italy 34%
Greece 31%
-Pew
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Scientist Peter Gleick writes that traditional economists have been “very good at assigning dollar values to the goods and services produced by stripping water out of natural ecosystems, but they have long ignored the /1
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Meeting India’s foreign minister @
#DrSJaishankar
is always valuable. Had a constructive discussion on global and regional economic priorities and the deeper collaborations we must build.
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‘If a country’s politics is fractious or its leaders mediocre, a competent civil service may keep the country going for some time. But the civil service cannot mobilise the population to mount a response to major challenges. Political leaders matter.’
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Good discussion with
@BrunoLeMaire
French Min of Economy - on Macron's bold labour reforms, European integration and global governance.
Entretien avec Tharman Shanmugaratnam, vice Premier ministre singapourien, sur la situation économique mondiale & la stabilité financière 🇸🇬
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'The biggest challenge to make fusion commercial is how to sustain the reaction and prevent it from extinguishing. This meant sustaining the power output for five seconds was particularly significant...five seconds is an incredibly long time on nuclear timescales.'
European scientists in ‘landmark’ nuclear fusion breakthrough
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Singapore will donate Covid-19 vaccines under global initiative to other countries: PM Lee
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Never mind the range of projections. With little visibility, our aim must be to avoid the extreme downside – high joblessness, cascading waves of defaults, and a loss of social solidarity. Second, to avoid permanent degradation in capabilities, so we can rebuild after Covid.
Proud to have welcomed Singapore’s Senior Minister Tharman
@Tharman_S
to BCG’s virtual stage to discuss key policy objectives for a COVID-19 and post COVID-19 world.
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“Early intervention is key. So are painstaking tracking, enforced quarantines and meticulous social distancing — all coordinated by a leadership willing to act fast and be transparent.” via
@NYTimes
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Superb choice. They opened up a whole vista in tackling poverty, and breathed life into devt economics. Using well designed field experiments to understand human behavior and devise interventions to uplift child health, school performance and the like.
BREAKING NEWS:
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”
#NobelPrize
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And now for something completely different. 1/
A new study describing a microscopic, algalike fossil dating back more than 1.6 billion years supports the idea that one of the hallmarks of the complex life we see around us—multicellularity— is much older than previously thought.
@NewsfromScience
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Mangrove forests: big carbon sinks. A third: lost in recent decades, releasing large amounts of carbon.
These projects are doable for global CO2 mitigation, and with little economic trade-off. With good planning they also support fishing communities.
#bluecarbon
#mangroves
Mangrove forests are crucial in the fight against climate change — they help absorb pollution *and* protect communities from coastal flooding.
This project is helping Sri Lanka become the first nation in history to preserve and re-plant all of its mangrove forests.
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Important global sweep by
@BrankoMilan
. ‘If developments from the past three decades continue for another 20 years, the gap between the West and Asia will shrink further and eventually disappear. A new reality will then be faced by the Western middle classes...1/3
_
Did Branko’s elephant turn around?
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Updating the “Elephant Curve” of global income distribution
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“post-2008 was good for the globally poor and for the global middle class; it was not good for the Western middle classes and the global top 1%” 👉
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Always enjoyable, and always something to learn from Gov Lesetja
@KganyagoLesetja
, one of today’s most well respected central bankers - and a South African patriot.
@SAReserveBank
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6/6 'If science does produce a strong vaccine in a year or 2, we will work to deliver it to maximum numbers. But meanwhile, behavioural and drug-based interventions will have saved many lives and strengthened preparedness for the next crisis, Pandemic X, which will surely come.'
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1/ Happy to co-chair this initiative with
@LHSummers
and
@NOIweala
. There’s no avoiding a basic lesson of COVID-19: we have to invest in a stronger international system, to avoid the immense costs of a pandemic on nations large and small.
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The path- breaking 1950s papers by Paul Samuelson and John Nash took only a few pages to convey findings on public goods and game theory; both men later won the Nobel Prize in economics. via
@WSJ
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Expansive fiscal policies will make sense for a while. But the major debate has to be around how we achieve our longer-term goals. We need a different kind of Keynesianism: an active state aimed at long-term recovery and regeneration, nationally and globally. 1/5
Chairman of the
#G30
,
@Tharman_S
, spoke at Jackson Hole and the recent Annual Meeting of
@Bruegel_org
about the central economic problem of the future: ensuring there are enough jobs, and a better distribution of good jobs.
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“I’m glad Cameroon has produced something beautiful. We are contributing to French progress...Maybe my son can be the next Mbappe” (Cameroonian migrant in Paris yesterday)
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The fundamental problem is not interdependence per se but an overconcentration of some trading relationships for certain vital products. And if the goal is more resilient supply networks that are less susceptible to weaponization by rivals, there is a better way forward.
“A reglobalized world economy would offer countries more outside supply options and thus more resilience.”
@NOIweala
, director-general of the World Trade Organization, advocates for deeper, deconcentrated, and more diversified global supply chains.
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A significant experiment. Restores arable land and reduces water use - both big issues.
@watercommongood
@MazzucatoM
@NOIweala
@jrockstrom
#water
#SDGs
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Kim Jong Un vows to 'leave the past behind' after historic Singapore summit with Donald Trump via
@ChannelNewsAsia
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1/ 'When designed well, progressive fiscal systems can support both growth and inclusivity. They are also critical in sustaining support for open, democratic systems.'
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Large UK study. Four in 10 of those admitted to hospital between 19 and 49 developed problems with their kidneys, lungs or other organs. This is not just a disease of the elderly and frail.
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‘Many who lived through the Great Depression never returned to their previous ways. The coronavirus crisis could do the same. The old playbook may help put out some short-term fires, but an entirely new approach may have to emerge from policymakers around the world.’
“The depth of the recession, just in terms of jobs lost and fallen output, will not compare to anything we’ve seen in the last 150 YEARS.”
Ken Rogoff ...
Think about that …
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'The challenge for policymakers is not to prevent structural adjustments. It is to ensure that, as public health concerns wane, there is strong enough demand across the economy that even as some jobs disappear forever, new ones are being created and the pain is short-lived.'
We’ve entered a longer, slower grind that puts the economy at risk for the indefinite future.
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‘The perceived Chinese threat is the wrong focus for for industrial policies elsewhere. The objective should be more productive, more inclusive economies at home – not to outcompete China or try to undercut its progress.’
@ProSyn
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Each time this reminds us of what we must do more of. To consciously extend respect and friendship to each other. At school, at work, as neighbors. To preserve what holds us together as citizens, our common humanity. via
@ChannelNewsAsia
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Moving from Covid Zero to Living with Covid: 'Covid-19 has surprised us many times before, and may yet surprise us again. But get there we will, in a safe and careful manner...and with as few casualties as possible along the way.' 1/2
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'During the H1N1 outbreak, rich countries bought up virtually all available supplies of vaccine...This time the stakes are far higher. The disease can only be defeated at a global level. It is in everyone’s interest to that medical products are available to rich and poor alike.'
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We must bring preparedness for threats, known or unknown, into the mainstream of public policy and collective thinking…
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'There's no contradiction between continuing to support the economy and encouraging its transformation. New and innovative firms need macroeconomic policies that support demand...when uncertainty is too high a wait-and-see attitude stops the most productive firms from expanding.'
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Moving beyond middle-income - worth reading
@jamescrabtree
- "If Asia wants to develop, its governments need not be huge, but they must be good."
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The challenge is to use AI to create not only a productivity boom, but shared prosperity. It will require new skills amongst a broad span of the workforce, new business models, and updated policies and regulations. via
@financialtimes
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Each time this happens, it is an attack on all of us, on every society that believes in diversity. via
@TODAYonline
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2/6 'A vaccine will provide a “solution” if it has high efficacy, protracted protection..and it's possible to manufacture billions of doses and transport, store & administer them worldwide. Such a product is unlikely to be available by the end of 2021. It may never be discovered.
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We're far away from solutions to an already urgent problem. Most plastics can't be recycled. In landfills, it can take a millennium to degrade. In the oceans, it's ingested by species large and small, including the fish we eat. via
@voxdotcom
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Dietary shifts - most especially away from beef - are a classic case of how we can reduce greenhouse gas emissions without a loss in living standards. No loss of nutrition - and on the contrary healthier diets and longer lives.
Food matters: A global shift to a healthier, more sustainable diet could be a huge lever to limit global warming to 1.5°C, PIK researchers find. Results of the new study
@ScienceAdvances
indicate that a shift in diets could make a considerable difference:
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"We are not yet near the end of the beginning of the crisis. But shoring up our defenses isn't enough. [Social distancing can slow the spread, but won't win the war.] We must go on the offensive by making the development and global distribution of a vaccine our highest priority."
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‘Psychologists have raised alarm about children’s stress and dependence on their parents...children with hyper-involved parents have more anxiety...when children play unsupervised, they build social skills, emotional maturity and executive function’
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“The job is never done. You reach a new level. There are new expectations. New challenges arise.”
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This girl will go places.
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Rivers, lakes, and wetlands cover the landscape but over 97 percent of the world’s freshwater resources lie beneath the ground. The human and economic costs of polluting groundwater are large and growing. Can no longer be ignored.
Surface water pollution is aggressive, but largely reversible once we stop abusing nature.
Groundwater pollution is slow & hidden, but with no less serious consequences.
Once damaged, it takes far longer to recover.
#SeeingTheInvisible
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4/6 'Obligatory masks, pragmatic social distancing, modified practices at work and school and obsessive hygiene should be accompanied by testing, tracking, isolating and quarantining and abetted by smart apps and use of geospatial data. One size will not fit all.'
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‘We languish in a weird slow- moving Titanic that never quite hits the iceberg, a place in which ineffectual governments and badly handled pandemics can coexist with market highs and a lack of any real revolutionary fervour — at least for now.’ 1/2
Rana Foroohar: The Decadent Society — has the west run out of ideas?
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5/6 'We also need effective drugs to prevent infection in high-risk groups, treat early mild cases and keep severely ill patients alive. Drug development will move faster than vaccine development, and several new or repurposed drugs are likely to be available by mid-2021.'
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‘However difficult the task for the United States, it is well worth making a serious effort to accommodate China’s aspirations within the current system of international rules and norms…If it chooses instead to try to contain China’s rise.. 1/6
In my essay in the latest issue of
@ForeignAffairs
, I emphasised the vital importance of US-China relations, and its impact on Asia’s security and prosperity. This is a fundamental issue of our time. – LHL
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The large economic and human question is whether this fall-off in service jobs is more than temporary - and what new jobs could replace them.
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Spreading the infections out over time makes it easier for healthcare systems - people infected do not all turn up at the same time, which helps reduce deaths. Second, total infections throughout the course of the epidemic can (possibly) be lower. 20200229_FBC978[1].png
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Life.
You maybe already saw this.
Tennis player Mahut losing at Roland Garros in front of his family, breaks down in tears.
His kid runs on court to hug him.
His opponent Mayer getting emotional.
Father and son walk away hand in hand.
Losing, winning, living.
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Useful summary of what (little) is known on how long the immunity conferred by a third jab lasts. But as infectious-disease specialist Peter McIntyre emphasizes, it is protection against severe disease that must be the yardstick we judge ourselves by.
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More than a billion lack access to fresh water. Most diseases in the devg world are linked to water - a child dies from diarrhoea every 17 seconds. We must solve this soon, before it becomes a major cause of international conflict.
@waterascommongood
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"The unique aspect of the contemporary world is that technology is producing imperatives of confrontation, and of extreme capacity to destroy civilisation...The combination of their destructiveness, and the autonomy of these weapons..imposes a necessity to limit their scope." 1/2
‘There are three possible outcomes to this war’: Henry Kissinger interview
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2/If we fight hard now, we curb the deaths. We avoid overwhelming our healthcare system. And we buy time to learn - we need it, because a lot is not known about this virus. And we control the virus until we have a vaccine.
1/Countries have two options. Either they fight it hard now. If they choose mitigation (as many are doing), it will very likely mean massive epidemic, with large numbers dying. And it still does not eliminate further waves including those caused by mutations of the virus.
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Few have done more to expand our knowledge of the universe, and to instil faith in human willpower. Stephen Hawking will live on, well beyond his brief time in history.
via
@ABC
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1/ Privileged to co-chair Advisory Board of the
#HDR2020
with Michael Spence
@amspence98
. The HDR was started by
@AmartyaSen_Econ
and Mahbub ul Haq 30 years ago. Still the most widely read report on development, focused on the pressing issues of the day.
@HDRUNDP
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The environmental impact of fast fashion is huge. Without radical change, the fashion industry could use a quarter of the world’s remaining global carbon budget. And by 2030, 35 per cent more land than it currently does to produce fibres.
How much is lagom? Crucial arguments by
@AndersWijkman
and Janez Potochnik that consumption patterns must change - there is no magic efficiency or substitution wand to swing, for a safe and just future
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1/Countries have two options. Either they fight it hard now. If they choose mitigation (as many are doing), it will very likely mean massive epidemic, with large numbers dying. And it still does not eliminate further waves including those caused by mutations of the virus.
This is the best piece I've read on the epidemiology of the pandemic, including a stab at what a cost-benefit analysis might look like towards the end, filling in the numbers on that will become important as we get past the current phase of our response.
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Among other areas, we are accelerating sustainable finance. Developing compatible, credible metrics for green and transitional activities. And data sharing for high-integrity voluntary carbon markets. Happy to sign this UK-Singapore agreement with
@RishiSunak
today.
We've signed an ambitious new financial services partnership with Singapore 🇸🇬 This will:
✅boost jobs, trade and investment
✅increase financial services between both countries
✅create greater cooperation on fintech, green finance and cybersecurity
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1/2 How the bias in favor of the “hard” against the “soft” in economic research leads to “sins of omission” – leaving out important problems. Important piece by George Akerlof (Nobel in 1970 for his work on imperfect markets - assymetric information.)
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Raghu Rajan’s important book on rebalancing markets and restoring the role of local community. Encouraging mixed communities; more forceful antitrust policies, including on buy-outs of smaller rivals, and less generous IP rules. via
@financialtimes
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“In the face of these challenges, Asia needs a radical new political agenda to develop state capacity, learning from the best...”
Missing today's
@SingaporeSummit
, but they asked me to contribute a short essay for their leader's series, this time enlarging on the risk of an Asian "state capacity" trap.....
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‘The conventional wisdom: in the 60s, that inflation expectations and money didn’t matter; the 80s, that only money mattered; the 00s, that credit expansion wouldn’t destabilise financial systems; 2020, money was irrelevant. Again and again, we fall in love with naive stories.’
“big lesson of history is that if economists think they understand how the macroeconomy works, they will be wrong”
@martinwolf_
•
“Again and again, we fall in love with naive stories. We want to believe the economy is a simple mechanism, but it is not”
•
🔗👇🧵
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‘The US and many others are now confronting the greatest structural challenge to democracy: a truly open society. Without gatekeepers, there are no constraints on discourse. Digital technology has changed everything, and reality is up for grabs in a way it has never been before.’
The more widely accessible and democratic the media of a society, the more susceptible that society is to distraction, spectacle, and demagoguery.
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The lockdowns have disrupted the tight, hyper-efficient supply chains that crisscross the globe. We must build domestic capabilities where possible for critical medical supplies. But not everyone should grow cotton, produce petrochemicals, extract polypropylene to make masks. 1/2
Diversified global supply chains are still the most resilient solution, explains Singapore’s Senior Minister Tharman
@Tharman_S
on BCG’s virtual stage.
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"If this scales up, it could help save hundreds of thousands of animals from suffering on factory farms, and it could fight global warming by reducing the number of methane-producing cattle. It could also combat other problems like antibiotic resistance."
If you'd told me in 2015 that Burger King and Carl's Jr and White Castle would roll out plant-based burgers by 2020 I'd have laughed at you.
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The most enduring economic problem in the advanced world - wages (the 5th chart).
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"Just as the gap in basic living standards is narrowing for millions of people...a new generation of inequalities is opening up...around technology and climate change -- two seismic shifts that, unchecked, could trigger a ‘new great divergence’ in society."
@HDRUNDP
@ASteiner
Hot off the Press |
@UNDP
's 2019
#HumanDev
Report, looking at new forms of
#inequality
via a new lens
#BeyondIncome
, beyond averages & beyond today.
Download the full report NOW & follow the launch event livestream at 2pm EST👉
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CP Snow’s neglected point...we need more technical expertise close to the levers of power. However "grave mistakes can result not only from a vacuum of technical knowledge [but from] the single expert, unchallenged. The corridors of power must ring with informed debate.”
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The type of news we need. The technology filters sunlight - so red and blue light feeds through to the plants, while the 'excess' light is directed to photovoltaic cells that generate the same amount of energy as normal PV panels. Brilliant.
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”bird brains pack in neurons much more tightly...neural efficiency may account for the uncanny ability of some birds to communicate almost instantly as they flock together..and in the case of homing or migrating species, end up in the right place.
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Long school holidays do widen the gaps between poor and well off kids.
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