Future Economy: What is in store for all of us?

Recently, news have been focusing on changes in technology that bring about new prospects for certain segments of the population but disenfranchises others. Some would call it the “Fourth Industrial Revolution”. This is a situation in which disruptive technologies streamline processes making work more efficient and productive, leading to increasing number of Singaporeans being structurally unemployed. One instance could be seen in the transportation industry with the entry of Grab and Uber, reducing the need for traditional taxi drivers who would not embrace technology. Of course, this situation would be made worst when Uber and Grab introduce driverless cars, eliminating drivers as a viable occupation for many people.  As such, the Singapore state appeals for Singapore citizens to embrace technological change. This point on embracing technological change is also highlighted on the Singapore Budget website.

Singapore plans to cope with the Fourth Industrial Revolution by becoming a Smart Nation. The Smart Nation initiative aims to rally the collective efforts of people, businesses and government to work together to support better living, create more opportunities, and support stronger communities by harnessing info-comm technologies, networks and big data… As such, this year’s budget emphasizes a lot on helping SMEs expand overseas especially into regional markets through the help of government funding, and of course to embrace technology.

What exactly is the main message of the budget? I think it serves one aim, to inform Singaporeans that their jobs are no longer secure in this uncertain and volatile economy, and that they would need to take action right now if they would like to income-proof their earnings. This would be in terms of being more open to technological changes in the workplace. Of course, the budget sends a strong message that the Singapore government is aware of these structurally changes and challenges in the economy, and that they would support Singaporeans as much as possible.

If you are interested in more budget discussion, you could keep up with the discussions about Budget 2017 on https://www.reach.gov.sg/budget2017;

 http://www.singaporebudget.gov.sg/budget_2017/home.aspx;

https://www.facebook.com/REACHSingapore/

PS: This article is not meant to be an analysis of the budget 2017, as I’m not tutoring economics. It is meant as a context for students to understand the Singapore’s economy and to think of the various social issues, and how policies affect various stakeholders in society.

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