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a developed economy with less room for catch-up growth, and much sharper constraints in terms of land and people resources. Intel is working with several local SMEs on Machine to Machine (M2M) solutions, wireless charging capabilities for But he added: "Always ask yourself, every time a proposal is put forward, where is the money going to come from? They provide an abundant supply of job opportunities, and create jobs at a more rapid pace when the job The educational system for encouraging entrepreneurship. Emergence of disruptive technologies Case of Singapore," Journal of Asian Economics, 20(2): 156-173. But maybe it is not wrong to say that there will be public sympathy and there will also be some people who misunderstand because they don't remember what happened a few years ago. Intel is working with several local SMEs on Machine to Machine (M2M) solutions, wireless charging capabilities for SINGAPORE'S economy ended 2018 on a relatively healthy note, growing by 3.3 per cent, slightly lower than the 3.6 per cent growth in 2017. Local SMEs will be increasingly important in supporting the future economy… SMEs provide a buffer for employees after a recession. improvements will also create new attractive jobs. We started from having less than a third of the USA’s purchasing-power-parity-adjusted gross domestic Q Should we move to become a more inclusive society that includes the rights of transient workers, who are here to do essential jobs? (EDB) launched the Partnerships for Capability Transformation (PACT) programme, which encourages partnerships between SMEs The SBF survey showed that eight in 10 businesses believe collaboration with other businesses is important to expedite the market entry, with relevant contacts in the target overseas market (52 per cent) rated as most helpful. According to Economist Dr. Hoon Hian Teck, the future is in supporting local SMEs and skills upgrading. However, with technology advances and automation, certain jobs, especially those which are of routine nature, may be replaced. Our open economy and free trade policy were critical catalysts to our economic growth. For working professionals, the threat from global competition and digital disruption is real. 3 Moscarini, Giuseppe and Fabien Postel-Vinay, 2012, "The Contribution of Large and Small Employers to Job Creation From the day they land, they are given a foreign workers' booklet, at the back of it is a telephone number for the Ministry of Manpower (MOM). Hence, more policy attention to these areas, especially for preventive care, beyond the Merdeka Generation Package, will be timely as well. than 2% per annum. MNCs, by virtue of their size, provide SMEs with expertise, economies of scale, and access to the latest technologies. production. 4. Speaking to students at a forum in Nanyang Technological University, where he also answered questions on a range of issues, Mr Shanmugam outlined the "sobering reality" that the Government has in recent years been spending more than it collects. have termed this as the “Mozart effect”. must focus on SMEs to provide local innovation. transits to trend growth. How we adapt to these changes will pave the way for Singapore’s next economic success. MNCs and SMEs both benefit through collaborations. Note that the SBF survey highlighted that domestic businesses are optimistic that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Belt and Road Initiative (BRI) will bring new opportunities. But a log-in is still required for our PDFs. Singapore is also confronting the terrorism problem head on, said Mr Shanmugam, who emphasised that the country's security is the responsibility of all Singaporeans. restructuring our economy to be of even higher value-add and less reliant on the need for lower-skilled workers. supply, creating their niche markets. To ensure that we continue to have sufficient and attractive PMET jobs for our future workforce, we need to press on with Singapore. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. In the past 50 years, Singapore enjoyed rapid catch-up growth from being less economically advanced to one of the more developed However, growth in the local workforce will slow from now to 2020 and create a healthy supply of attractive jobs. A version of this article appeared in the print edition of The Straits Times on March 29, 2016, with the headline 'Four key challenges for S'pore in next 50 years'. As a small and nimble economy, Singapore is also well-placed to take advantage of opportunities offered by China and India. 6 Singapore (National Population and Talent Division), Population White Paper 2013, page 32, In the past 50 years, Singapore enjoyed rapid catch-up growth from being less economically advanced to one of the more developed You have reached your limit of subscriber-only articles this month. Third, they were also good at winning elections. Challenge 3. In terms of goodies, the 2018 Budget gave a one-off SG bonus of between S$100 and S$300 to all adult Singaporeans, so it's not inconceivable to see another one-off bonus to share in the economic growth upside. Given the technological and digital challenges enveloping the Singapore economy, the average Singaporean worker needs to continuously upgrade his/her skillsets to stay relevant. The educational system electronic devices, smart energy usage and cloud solutions for health records. Therefore, policymakers should do more to invest in and support SMEs to innovate, while continuing to attract top MNCs into Singapore’s economy faces four challenges in the future: a growth transition, demographic transition, technology disruptions, and higher aspirations of jobs. This, he added, is possible because earlier generations of Singaporeans had saved enough, allowing the Government to tap on the income derived from investments. Challenge 1. These fundamentals will continue to support our future economic growth Although the government had budgeted for a small deficit of S$0.6 billion (equivalent to 0.1 per cent of GDP) for FY2018, we estimate that the budget out-turn could be a modest surplus of S$0.7 billion (equivalent to 0.2 per cent of GDP) due to slightly better-than-expected revenue collections for the fiscal year-to-date, namely from corporate and personal income taxes and stamp duties (mainly before the latest cooling measures). Technology is a double-edged sword. However, our future economy will face different challenges and constraints. set up their bases in Singapore, in turn allowing Singapore to access key overseas markets, as well as frontier technology Privacy Statement Relying solely on adopting technologies that are developed abroad is no longer sufficient to boost our economic growth. These quality SMEs become the top local brands, and over time internationalise and become key stalwarts of Singapore’s economic growth. compared to SMEs. SMEs, being smaller organisations, operate nimbly, make quick decisions, and rapidly iterate in the development of data show that small firms create jobs faster than large firms during the early stages after a recession. The IMF has downgraded its global growth forecast again to 3.5 per cent for this year, while the Economist magazine warns of an era of "slowbalisation". Remaining open, but in a calibrated and selective way, to skilled foreigners would also help to supplement our shrinking For example, technology has lowered communication With the ITM implementation well underway, there remain questions of how to benchmark the progress of ITMs and if more resources need to be allocated to the trade associations and business chambers to play a bigger role of business facilitation, especially in the areas of encouraging "hunting in packs" and joint ventures to crack new and existing overseas markets. More tellingly, despite the existence of high levels of training and education, and an environment conducive to digitalisation, society's attitudes towards the adoption of technologies and the agility of business to take advantage of the digital transformation are rather limited at 20th and 18th place respectively, according to the IMD World Digital Competitiveness Ranking 2018.

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