As Singapore refreshes its economic strategies for a post-pandemic world, the Emerging Stronger Taskforce has identified six key shifts that present opportunities for growth.
It noted that some of these structural changes were already happening before Covid-19 struck, but the scale and nature of the crisis have accelerated the pace of these shifts.
CHANGING GLOBAL ORDER
Even before Covid-19, a tide of nationalism had turned some countries inward, and seen greater bifurcation and fragmentation of the global order. There have also been intensifying geopolitical and economic tensions on multiple fronts such as technology, finance and trade.
The task force said Singapore must act quickly to find new ways of staying relevant. As greater volatility sees a premium being placed on neutral and trusted locations with strong political, financial and legal institutions, Singapore must harness this premium in partnership with its neighbours in Asia and South-east Asia, the fastest-growing production base and consumer market in the world.