World Focuses on Employment Amidst a Shattering Global Landscape and Advancement of Artificial Intelligence in Singapore
Singapore's Prime Minister Lawrence Wong has unveiled a strategy to address economic challenges and job opportunities arising from global trade barriers, the US-China rivalry, and the rapid advancement of artificial intelligence (AI). The focus of this strategy is on securing jobs and enhancing economic resilience through innovation and skills development.
Key aspects of this strategy include:
- Economic Resilience Taskforce: Chaired by Deputy Prime Minister Gan Kim Yong, this taskforce is designed to safeguard Singapore's interests in a weakening multilateral trade system and increasing protectionism, such as the uncertain US tariff environment affecting Singapore.
- A New Economic Blueprint: Singapore is refreshing its economic strategy to remain competitive in a world marked by greater geopolitical rivalry and economic fragmentation. The blueprint emphasizes moving faster, adapting quicker, and innovating smarter to maintain exceptional national cohesion, resolve, and performance.
- Harnessing AI and Technology: PM Wong emphasized the importance of embracing AI and robotics meaningfully across the economy. The government plans to equip enterprises, particularly small and medium-sized ones, to leverage AI tools to enhance productivity and global competitiveness.
- Skills Development and Jobs: With jobs as the "number one priority," initiatives include enhancements to SkillsFuture Level Up programs for continual workforce reskilling and a new national traineeship scheme aimed at fresh graduates and mid-career workers to improve job readiness.
- Long-term Vision: Wong committed to helping Singaporeans navigate economic disruption by walking the transition journey with them, ensuring no one is left behind despite rapid change.
In addition to these measures, Wong has expanded social welfare policies, introducing the country's first unemployment benefits and channeling billions of dollars into subsidies for food, utilities, and education.
This strategy, delivered during Wong's annual National Day Rally speech on Sunday, marks Singapore's 60th year and comes after the People's Action Party's six-decade rule was extended in May's election. Wong campaigned on the need to preserve stability amid slowing global growth and rising protectionism. Last week, Singapore raised its growth forecast for this year, predicting an expansion of 1.5%-2.5% year-on-year, higher than the earlier 0%-2% outlook.
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