Are intangible ethos important or GDP numbers?

“In a troubled world, few societies can devote themselves to such
intangible ideals, much less act upon them. But here in Singapore,
thanks to the heroic efforts of several generations, we can all
realistically aspire to live by these values, and turn our vision into
reality.” Lee Hsien Loong

I am pondering over this statement by Hsien Loong in his latest new year message. He acknowledged