Proponents of the Workers' Party motion argue that Singapore’s long-standing reliance on multinational corporations is increasingly insufficient in a volatile global landscape. By advocating for an economy centered on local enterprises and domestic demand, the party is addressing the vulnerability of a small, trade-reliant nation. Supporters believe that empowering local firms to innovate and venture abroad is a necessary evolution to ensure that the benefits of growth are not just captured by foreign entities but are deeply embedded within the local workforce and business ecosystem.
This perspective emphasizes that the current economic climate requires a shift toward building indigenous capabilities. For many local small and medium-sized enterprises, the challenges of rising costs and intense competition make it difficult to scale. By focusing on these businesses, the WP’s proposal seeks to create a more resilient foundation that can withstand external shocks, such as the relocation of regional headquarters by global firms. Supporters view this as a proactive approach to securing the future of Singaporean jobs and entrepreneurship.
Furthermore, advocates argue that a more inclusive economy is essential for social stability. As the cost of living continues to be a primary concern for households, the argument for an economic playbook that prioritizes the "ordinary Singaporean" resonates with those who feel left behind by headline GDP growth. By pushing for this debate in Parliament, the WP is fulfilling its role as a constructive opposition, forcing a necessary re-evaluation of how national success is defined and shared across different segments of society.