In 2016, Singapore shipped 2.07 per cent of total world exports, down slightly from 2.10 per cent in 2015 and slowly declining from 2.23 per cent in 2011 and 2.24 per cent in 2006.However, Singapore may be performing less impressively in terms of its cost structure, which can be looked at both in terms of the cost of living for the average Singaporean as well as in terms of business costs. Silicon Valley innovators could achieve low unit costs quickly by being able to rapidly scale up in the massive American consumer or business market. As Singapore’s neighbours and giant economies such as China and India build their capacities, they will improve their abilities in areas where Singapore is most competent. The challenge, however, is finding where this growth will come from, especially when current growth rates are faltering (Figure 1).Domestically, Singapore’s economy faces three main challenges: population; inequality; and competitiveness.Singapore faces slower growth as the population ages, the workforce stagnates, and productivity weakens. It also argues that bolder and more rigorous changes are needed in the policy sphere to overcome these challenges.Singapore is a key hub in Southeast Asia and in some cases globally for finance, transhipment activities, business services, transportation, and logistics. However, businesses have complained that the ITMs were “disconnected from the needs of industry and small and medium-sized enterprises (SMEs), and did not have links to other sectors”.Ultimately, economic development is more than simply achieving high rates of GDP growth. In 2016, the total initial public offering (IPO) value was S$4.4 billion but the market capitalisation of those who delisted was S$15.5 billion.Over the past decade, Singapore has attracted global multinational companies and internationalised Chinese and Indian companies to locate their regional headquarters in the city-state. The policy choices it makes will determine if it can remain the premier hub in the region, facilitating flows of trade, investment and human capital, while offering high value-added services such as international arbitration and mediation.Policymakers in Singapore will need to achieve two important goals. For example, shipping lines and airlines connect in Singapore because other shipping lines and airlines are there, providing the frequency and speed of interchanges vital to their businesses.These network and critical mass effects should allow Singapore’s port to stave off rising competition from other ports in the region including new facilities being built in Malaysia with Chinese help. After taxes and transfers, the corresponding figure is 0.402. ☞☞☞ https://url.cn/B7NWTgCr Twenty-three such ITMs have been articulated since they were announced in 2016, covering 80 per cent of the economy. Foreign companies will tend to relocate their activity once the economy becomes less attractive.

These will add new impetus to global growth and could benefit Singapore given its position as a global manufacturing and logistics hub. The current account surplus remains substantial and persistent, averaging 18.2 per cent of GDP over the past five years, as a result of a very high savings rate relative to its investment rate.

Here, too, there has been a disappointing reluctance to change.Part of the weakness could also be traced to problems in the working culture of the bureaucracy.

Indeed, that share was rising until recently, underlining its competitiveness as an investment destination as well as being a convenient conduit to channel investments into the immediate region, particularly the rapidly growing economies of Southeast Asia. In particular, foreign labour inflows were liberalised allowing a flood of workers into the economy. 1 month ago Global Financial Crisis and Singapore The increasing intensity of trade frictions and economic nationalism across the globe could temper but not reverse globalisation. However, its high ranking appears to stem from a strong ability to mobilise inputs (infrastructure, firm dynamics, and financial institutions and governance). Hi there! Unless bolder changes are made to overcome these challenges, Singapore’s extraordinary economic performance may prove difficult to sustain.I would like to acknowledge the assistance I received in writing this paper from my colleague Mr Jason Tan, who provided research support and helped me to crystallise my thinking.The Lowy Institute acknowledges the support of the Victorian Department of Premier and Cabinet for this Analysis.The views expressed in this Analysis are the author’s own and not those of the Lowy Institute or the Victorian Department of Premier and Cabinet.Manu Bhaskaran is Director of Centennial Group International and the Founding Director and Chief Executive Officer of Centennial Asia Advisors. You, like the majority of us, may suffer from financial crisis. Finally, developments in the new economy may make scale economies more important as a determinant of competitiveness in areas in which Singapore currently excels such as manufacturing, hub services, and financial markets.The backlash against globalisation has prompted increasing trade protectionism since the global financial crisis. Comment goes here.


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