How far can Singapore’s grand plan for economy really go?
Put 30 of the Lion City’s finest minds together, give them a year to ruminate on the nation’s economic woes and what do you get? Suggestions that sounds surprisingly familiar. But there are good reasons for the lack of a breakthrough
Having waited a year for some of Singapore’s brightest minds to distil their wisdom on how to reverse a rut of slowing economic growth, observers could be forgiven if they felt a nagging sense of disappointment this week.
Soundbites such as “loosen regulation”, “embrace risk” and “strengthen free-trade deals” caused some initial excitement when the report by the Committee on the Future Economy (CFE) was finally released to the public on Thursday.
Looser regulation, more risk: how Singapore plans to boost economy amid ‘dark shift from globalisation’
These were among the ways the Southeast Asian city state, already one of the most open economies in the world, could adapt to what the report theatrically described as the world’s “dark shift from globalisation”.
Warning of Donald Trump-inspired protectionism and Europe’s swing to the right, it noted the Lion City and its workers had little choice but to adapt and prioritise innovation. Workers should reinvent themselves with new skills; the government should give more support to emerging industries and smaller firms; companies should embrace the digital world.
So far, so good. But those who closely perused the report’s 109 pages could be forgiven if they had the impression that what was on offer was a case of same wine, different bottle.
