Macroeconomic Performance in a Globalising Economy

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Macroeconomic Performance in a Globalising Economy

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Environmental Policies and Economic Performance

Robert Anderton. Continue shopping. Item s unavailable for purchase. Commendably, the CFE mounted a massive effort to glean feedback from thousands of Singaporeans as well as from foreign businesses based in Singapore. However, its report on the future economy [23] carefully restricted itself to existing policy approaches, with few bold new initiatives.

Almost all the recommendations involved validating existing policy approaches see Box A. Same favoured growth sectors : Companies should look to high-growth sectors in Singapore such as finance, hub services, logistics, urban solutions, healthcare, the digital economy, and advanced manufacturing, with the government taking on a more active role to support growth and innovation. No new initiatives for regional integration appear to have been contemplated. The government will simplify the regulatory framework for venture capitalists and encourage the entry of private equity firms to provide smart and patient growth capital.

The government will also promote the adoption of digital technologies across the economy with a dedicated focus on building strong capabilities in data analytics and cybersecurity. The government will make a big push for agglomeration gains through enhanced international connectivity as well as by developing districts such as Jurong and Punggol into vibrant clusters.

Tax reforms : The government to maintain a broad-based, progressive, and fair tax system while remaining competitive and pro-growth. This could be an intriguing reference to a hike in the goods and services tax in the near future. Twenty-three such ITMs have been articulated since they were announced in , covering 80 per cent of the economy.

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Ultimately, economic development is more than simply achieving high rates of GDP growth. For growth to be durable and deliver tangible benefits to its people, it must be accompanied by transformation, expanding the inherent capacity [25] of citizens and the companies that are owned by its citizens to not only create value but to do so in a sustained manner. Rising, sizeable local companies are relatively rare in the Singapore economy compared to the economic heft of foreign multinational corporations. Due to the multinationals-driven, export-oriented strategy that the Singapore Government has long favoured, export-oriented manufacturing consists primarily of foreign companies, with local enterprises making up the supporting industry infrastructure.

This is in stark contrast with the manufacturing models seen in Germany, Japan, South Korea, and Taiwan, which incorporate globally competitive local enterprises such as the Mittelstand in Germany, the keiretsu in Japan, the chaebols in South Korea, and the world-leading semiconductor companies in Hsinchu Science Park, Taiwan. Yet, it is local companies that will play a decisive role in the flexible, bottom-up adjustment necessary for Singapore to adapt successfully in the global economy of the future.

Foreign companies will tend to relocate their activity once the economy becomes less attractive. Local companies will have the incentive to stay and adapt. Part of the problem could be due to narrow performance indicators governing policymaking. For example, in the —11 period an excessive emphasis was placed on generating economic growth rather than overall quality of life in guiding the formulation of policies. Moreover, recent major policy initiatives such as the CFE do not appear to have examined the economy holistically, reviewing the overall structure of the economy and how it has changed.

Rather, there appears to be a quick-cut approach, focused on examining a few areas of interest to the leadership. There has also been an unwillingness to move away from taboos and strongly-held assumptions. It could be argued that generous state-funded infant and child care and more expansive support for parental support such as child allowances explains why some northern European countries have managed to reverse the decline in total fertility rates.

Many observers would agree that to be successful in innovation, Singapore needs to address several areas. The education system needs to be less competitive and more tolerant of late bloomers. However, a reluctance to undertake a bold restructuring of education means the response has been tweaks many of which are commendable. Others would argue that a freer media and willingness to tolerate dissent is also important for creativity.

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. However, there are growing concerns about how these individuals behave collectively. There is a tendency to recruit and promote people who are similar to the senior civil servants, with whom the seniors feel comfortable. Those who challenge the views of their seniors are filtered out and do not make it to the top. Consequently, there appears to be far less diversity in the composition of the higher and middle ranks of the key services. The result is a greater risk of groupthink.

4.2.1 The measurement of macroeconomic performance

The system of training and rotation among different agencies and ministries may not be working as well as previously. For example, scholars serving in the Singapore Armed Forces appear to be parachuted into senior positions for which their training and exposure do not prepare them adequately. There does not seem to be enough emphasis on experience and domain knowledge.

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There also appears to be more of a tendency in the bureaucracy to second-guess the wishes of senior civil servants or political leaders and to tell them what they want to hear rather than provide dispassionate and objective advice and analysis. Such risks are present in any bureaucracy but in Singapore the problem seems to have worsened of late. The major reason for this diminished capacity is that the policy responses required to support a successful adjustment may not be evolving quickly enough.

Moreover, the capacity for companies to make more spontaneous bottom-up adjustments seems to be lacking. 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. He has more than 30 years of expertise in economic and political risk assessment and forecasting in Asia.

Before joining the Centennial Group, he was Chief Economist for Asia of a leading international investment bank and managed its Singapore-based economic advisory group. Total labour cost consists of compensation of employees, labour income of the self-employed, other labour-related costs e. Foreign Worker Levy and net training costs incurred by employers, and wage subsidies e. Wage subsidies reduce labour costs to employers and are netted off from total labour cost.

Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy
Macroeconomic Performance in a Globalising Economy Macroeconomic Performance in a Globalising Economy

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