Markets and Investments

Reimagining Singapore

By Irvin Seah

Amid slowing growth, could innovation hold the key to survival for Singapore companies?

The year is 2030, and Singapore now stands shoulder to shoulder with the most innovative countries in the world like Japan and Switzerland.

Sounds like a distant pipe dream?

Not if you dare to think big and grow fast in the next chapter of Singapore’s growth story.

Compared to its astronomical growth in the past decades, Singapore’s economic growth rate is slowing, and is likely to stay that way for some time.

Projecting towards 2030, a baseline of 2% to 2.5% average Gross Domestic Product (GDP) growth is expected, compared to the average of 4.4% over the past 10 years. The slowdown has been triggered in large part by lower employment growth - a key driving force of the Singapore economy in the past decades.

In addition, Singapore is vulnerable to external shocks, like rising protectionism. Its social spending needs will also increase as it looks to support its ageing population.

Together, these considerations may paint a rather pessimistic outlook, but it doesn’t mean that Singapore’s growth story has to end here.

Not when another driver of economic growth - productivity - is pushed to its fullest potential.

Surviving and thriving in this new climate of slowing growth means more than just responding to calls to work smarter and seize opportunities.

As the most technologically-advanced country in Southeast Asia, the fifth largest economic region in the world, Singapore is well-poised to be a front runner in harnessing disruptive technologies and becoming a true game changer.

ASEAN’s 600 million people, and its rising middle class that is both able and eager to spend, represent a sizeable pool of opportunities for Singapore. In fact, with best practices gleaned from across the globe, Singapore companies could drive productivity and technological advancements in emerging ASEAN economies.

Deployed in the correct balance, Singapore companies and SMEs can succeed in penetrating new markets, and could become global and regional champions in their field.

To turn the narrative of declining growth on its head, it’s clear that now more than ever, we’ll need to think big in order to grow fast – To reinvent, and to emerge stronger.

To download the full report on Reimagining Life, please click the following:

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