The world needs to cut high levels of debt and raise tax revenues to deal with challenges such as climate change and rapid ageing in developed countries, said Singapore President Tharman Shanmugaratnam.
Speaking at a World Economic Forum panel discussion in Davos, the President said the world needs to invest in solutions for these long-term challenges, which would require fiscal reforms.
"We spend a lot of time talking about monetary policy; we spend very little time talking about fiscal policy reforms for a more secure future," he said on Jan 19.
"We're neglecting fiscal reform because it's never pleasant to talk about raising revenues or raising taxes. It's never pleasant to talk about redirecting subsidies or redirecting spending. So, we're merrily gliding into the future, tinkering at the edges." He said the big global issues are how to address the climate transition, the needs of ageing societies and broken social security systems.
Dr Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), agreed with Mr Tharman's argument. She said world leaders, especially those from developed countries, will have to agree on issues like a global carbon tax to help fund green projects and affected communities in the developing world.
هذه القصة مأخوذة من طبعة January 20, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة January 20, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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