Getting Singapore in shape: Economic challenges and how to meet them

Economic indicators Economic forecasting Economic development Economics Singapore

The Singapore economy is at a crossroads, facing challenges in the global environment as well as within its domestic economy. It’s location astride the three substantial economic growth regions of China, India, and ASEAN should provide Singapore with continued opportunities to grow. However, the emergence of new technologies, changing structures of international competitiveness, and growing economic nationalism could cause disruptions to its economic potential. Domestically, Singapore confronts the increasing burdens of ageing and slowing population growth, rising costs, weak innovation capacity, and declining productivity growth. The two main adjustment mechanisms needed to deal with such challenges are top-down policy interventions by the government and spontaneous bottom-up adjustments by companies. Without bold adjustments, Singapore’s economic model may not be able to generate adequate responses to overcome its domestic and external challenges.

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