Singapore needs to harness its older workforce and instil confidence in the economy to survive the age of disruption. Can the nation continue to maintain its economic competitiveness? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in the Asian version of Japan’s Nikkei newspaper.
With one of the worst total fertility rates amongst developed countries worldwide, Singapore needs to utilize the older workforce as a source of economic potential and also stimulate entrepreneurship among Singaporeans of all ages. This can be attained through policies that focus on managing the cost of living and enhancing retirement adequacy.
The nation boasts of a good civil service and an efficient infrastructure which needs to be preserved. However, national competitiveness in the 21st century will hinge on innovation and entrepreneurship, arenas where Singapore has thus far been less successful than some other developed countries. There needs to be a better balance between the efficiency element and the creativity element going forward, Perera opined.
Perera also highlighted that in order to achieve economic success, Singapore needs to instill more confidence amongst Singaporeans. It also needs changes in its education system to unleash creativity.
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