While it’s best to leave the tricky job of recession forecasting to the economists, what is clear is that a storm is – and has been – brewing on the horizon for some time now.
But as Minister for Trade and Industry Chan Chun Sing pointed out, Singapore’s current economic challenges also run deeper than the previous financial crises. Underlying the Singapore’s slowdown may also be deeper structural issues such as declining productivity growth, slowing population growth, rising costs and weak innovation capacity.It’s hard to tell if the slowdown will eventually lead to a recession, but the news certainly serves as a timely wake-up call for the business community not to be complacent and to persist with transformation efforts, making the most of the opportunities still abundant in the region.
Like a forest fire that clears out dead brush, leaner times can also be fertile ground for innovation and new growth.Our companies should continue to innovate and transform, leveraging the various initiatives already in place, such as the Industry Transformation Programme announced in 2016.
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