The EU taxes profits, and economic growth results in increased employment and the tax revenue from taxing wages. This contributes to tax revenue and hence things like healthcare, social welfare, etc.

I don't necessarily agree with Singapore's approach, but Lee Kwan Yew made a speech that sums it up nicely...

"The opposition [in Parliament] say we're obsess with profit. I said 'Of course! That's how Singapore survives!' What do you think pays for all this? [talking about public housing, healthcare, public education, etc] You make profit into a dirty word and Singapore dies."

An increase in productive capacity seems like a positive to me.