"At the same time, significant uncertainties and downside risks in the global economy remain," said MTI. Khoo Teng Chye, The CLC Liveability Framework, Singapore was ranked number two in the World Banks. The public sector also has a role to play in setting the pace and demonstrating the benefits of environmental sustainability. All rights reserved. Further escalations in the Ukraine war and geopolitical tensions among major global powers could worsen supply disruptions, dampen consumer and business confidence, as well as weigh on global trade, added MTI. These countries also avoided about 5 Gt of CO2 emissions in 2006, equivalent to global emissions from the industrial sector (not including the energy supply sector) in that year. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. China and India are expected to grow by 10.5 and 9.4 percent respectively. The Asia-Pacific regions economic development is thriving. Indicator 8.10.2 | Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider. This service is not intended for persons residing in the E.U. The Singapore government has this week announced that it will settle for a more sustainable pace of economic growth to focus on pressing population issues. Fredric Neumann from HSBC in Hong Kong wrote in an e-mail to Bloomberg: We have long been bullish on Singapores growth outlook this year. Singapore has operationalised a national strategy for youth employment. Singapore warned on Wednesday that economic growth could slow to a trickle next year owing to weakness in key export markets including the US, Europe and China, as rising interest rates and the Ukraine war cause headwinds. The report also indicated that more than 7 out of 10 Americans believe that the economy is mired in recession and just 1 in 6 believe that they are personally better off than they were 18 months ago, when President Barack Obama took office. Through our investments, we also hope to catalyse new solutions to address new challenges. This has lead to a cleaner and more tourist-friendly country. GDP growth in the US is expected to slow significantly, with tighter financial conditions, a reduction in household savings, as well asnegative household wealth effects arising from asset market corrections expected to weigh on private consumption. Gross domestic . Efficient and resilient institutions resulting in a capable technocracy has been central to the city-states rapid development.11, The close working relationship between the Singapore Public Service and the political leadership is seen as a means of encouraging effective and efficient implementation of policies and programmes.12 The centrality of the public service to the governments development objectives for the country, and the need for talented officers to carry out those objectives, have led the government to pursue aggressive talent recruitment, development, and retention policies for the public service. Get the latest programmes and knowledge on topics of your choice. Find Data Search for data by themes or A-Z. By 2020, develop and operationalise a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization. All other remaining sectors in the group saw growth, except the accommodation sector which shrank by 1.9 per cent year-on-year, moderating from the 3.4 per cent contraction in the second quarter. No one has the monopoly on ideas and the public service may not always have the answer, or be the answer. What makes Singapore one of the most sustainable countries in the world? It also introduced the worlds first road usage pricing system in 1975 to ease traffic congestion, which was ahead of its time, though common place now.15. On a quarter-on-quarter seasonally adjusted basis, the economy grew 1.1% in the third quarter, compared with the government's advance estimate of 1.5% growth and the 0.1% contraction in the second quarter. All of this development has led to a jump in the number of tourists visiting the country. This site is best viewed using IE9.039 & above and Chrome. Copyright 2021 Civil Service College. As membrane technologies were in the early stages of development, the pilot plant was subsequently decommissioned. Water security has always been a key concern for Singapore. The harsh economical conditions that the people of Singapore faced at Download SingStat Mobile App for fast, free and easy access to Singapore official statistics and key ASEAN statistics! According to the New York Times, Singapore is expected to be among the world's fastest-growing economies this year, after a growth spurt in the first half of the year prompted the government to. Growth in the trade, finance and insurance sectors is expected to be hit by a slowdown in other major economies, Lim said of Singapore's 2023 outlook. Innovative thinking, coupled with engineering expertise, have been vital in ensuring that urban policies and programmes make Singapores 721.5 km2 of land area liveable.14 Solving Singapores urban problems required officials to see different possibilities beyond conventional wisdom. The Public Service Commission and other public agencies in Singapore award scholarships for tertiary education to academically able students who are then bonded to serve their sponsoring agencies for a period of time. The Thomson Reuters and University of Michigan preliminary index of consumer confidence decreased to 66.5, the lowest since August of the same year. Singapore citizens and permanent residents). Indicator 8.2.1 | Annual growth rate of real GDP per employed person. Sign up for free newsletters and get more CNBC delivered to your inbox. Global concern over climate change will increasingly see the emergence of a carbon-constrained world. This outweighed output declines in the electronics, chemicals and biomedical manufacturing clusters. Consider this table on public education expenditure below: While Singapores recent economic growth figures are impressive, be cautious as the numbers are not as rosy as they initially appear. Peter Ho, Chairman of the Urban Redevelopment Authority (URA), has observed that thinking long term made Singapores urban planners adopt a future-oriented and long-term perspective in policy formulation. The disadvantages that Singapore faced as a city-state in its early days meant that its approach to planning and urban governance has had to be long-term, integrated, balanced and dynamic. Conversely, if (this) is unresolved and tensions continue to build, everyone will get hit, not just us. Within four months, the government built half of the new orange line for the countrys public transportation system. . Singapore lies at the heart of this growth for 2010. Second, increased demand and competition for scarce resources such as energy, water and food will put upward pressure on resource prices. In 2021, the government also launched the Green Plan, outlining a focus on six pillars a green government, a city in nature, sustainable living, energy reset, a green . As energy use is pervasive, we have adopted a holistic approach to improve energy efficiency across all key sectors of energy usebuildings, households, transport, industry and power generation. Trusted websites. While these present significant challenges to sustainable development in Singapore and around the world, there are also opportunities. Singapore's GDP grew 4.1% on average between 2011 and 2013. Singapore's own population also grew from 4 to 4.84 million in less than a decade, and is set to grow further in the future. This is expected to create S$1.7 billion of value-add and to support 11,000 jobs by 2015. Government agencies communicate via .gov.sg websites Singapore has ramped up efforts to improve national energy efficiency. Sustainability is a key area in the Research Innovation and Enterprise (RIE) 2025 plan budget, a five-year blueprint outlining Singapore's science and technology strategies. Africa Continental Free Trade Area (AfCTA) is one of many tools Africa uses to realize growth in various sectors such as African industries. But these numbers are running well ahead, Another main driver of Singapores economy is major government expenditures on infrastructure and buildings. With more autonomy than ministries in implementing public policy and pursuing innovations in their specific areas of focus, these statutory boards have outperformed their predecessor organisations (such as the Singapore Improvement Trust and the Singapore Industrial Promotion Board respectively). We have 72 hectares of rooftop gardens and green walls today, and aim to triple this by 2030. For instance, the semiconductors segment of the electronics cluster is expected to be negatively affected by the fall in global demand for semiconductors. Political longevity has allowed the government to adopt a long-term, futureoriented perspective to policymaking and urban planning, while responding to the needs of Singaporeans. Since 1989, Singapore has been a party to the 1987 Montreal Protocol, which aims to protect the ozone layer by eliminating the production and use of ozone-depleting substances (ODS). On the planning front, the Concept Plans and Master Plans of the Ministry of National Development (MND) have been open to public consultation since the 1980s. Singapores GDP growth far surpassed what was originally estimated, and it represented the highest recorded increase in the countrys history. Brian Jackson, a senior emerging markets strategist at the Royal Bank of Canada, wrote that [we] continue to forecast further gradual policy normalization across the Asia-Pacific region over the rest of the year, including moderate appreciation in the Singaporean dollar.. To improve productivity, Singapore should invest more in education. For an account of Singapores successful transformation from a corruption ridden society to a clean country with low levels of corruption, see Eddie Choo, Cindy Tan and Toh Boon Kwan. The performance of the sector continued to be weighed down by the decline in government demand for quarantine and stay-home-notice dedicated facilities relative to a year ago, even though the recovery in international visitor arrivals provided some support, said the ministry. It was this audacity that led Singapore to court investment from multinational corporations to generate export-led economic growth when it was unfashionable thinking to do so in the 1960s. As such, the debate between economic development and environment protection is outdated: cities need to pursue both. This provides solid business opportunities for ING which are both profitable as well as contributors to a sustainable global economy. The GDP growth forecast for Singapore in 2022 was narrowed to around 3.5 per cent from a previous estimate of between 3 and 4 per cent; The Singapore economy is expected to grow by 0.5 to 2.5 per . 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Department of Statistics, Singapore, Home Ownership Rate and Resident Households by Type of Dwelling, accessed 13 June 2018. Global supply disruptions are likely to continue into next year as the war in Ukraine continues, although the extent and frequency of disruptions are expected to ease. See Ministry of Manpower, Singapore, Summary Table: Unemployment, accessed 17 April 2018. We had to make extraordinary efforts to become a tightly knit, rugged and adaptable people who could do things better and cheaper than our neighbours, because they wanted to bypass us and render obsolete our role as the entrept and middleman for the trade of the region. As a responsible member of the international community, Singapore must contribute to collective efforts to fight climate change. Our approaches to nation-building must continue to evolve with the shifting political and economic landscape, even as we adhere to the core values of integrity, service and excellence that ground and guide us in a volatile world. To continue to sustain both a dynamic economy and a liveable environment, improving resource efficiency and building capability are key. Those responsible for city planning propose and develop many large infrastructure projects that shape the city, involving significant national resources. Mr Robinson said that MAS current monetary policy stance is appropriate, and that the cumulative effects of monetary policy tightening since October 2021 will ensure that price pressures do not become entrenched. Within four months, the government built half of the new orange line for the countrys public transportation system. By working closely with industry experts and key stakeholders, we hope to make Singapore a world-class business and financial with emerging economic presence on the global stage. At night, the lights from the boats reflect from the sea, creating a miniature city within the water. Singapore is among the many global economies battling stubbornly high inflation, which is running near a 14-year peak. July 2014. Deploying renewable energy resources is not the only tool to mitigate energy constraints. In this respect, the Singapore Public Service has long been concerned with keeping itself honest. Other specialised public agencies include the Jurong Town Corporation (JTC) to develop and manage industrial estates, and the Development Bank of Singapore (DBS) to provide industrial capital. Ngiam Tong Dow, The Politics Behind Development Policies. The construction sector grew by 7.8 per cent year-on-year, accelerating from the 4.8 per cent growth in the previous quarter as both public and public sector construction output rose. It defined the term "sustainable development" as that which "meets the needs of the present without compromising the ability of future generations to meet their own needs" in their 1987 Report. At a press conference with reporters on Wednesday, Mr Edward Robinson, the deputy managing director of the Monetary Authority of Singapore (MAS), addressed a question on the likelihood of a recession in 2023 and whether MAS sees the need for out-of-cycle monetary moves once more. In this sense, the growth of Lee Kuan Yews Singapore is an economic twin of the growth of Stalins Soviet Union growth achieved purely through mobilization of resourcesSingapore is closer to, though still below, the efficiency of Western economies. This site is best viewed using IE9.039 & above and Chrome. November 18, 2022. We are constantly on the lookout for opportunities to crowdsource, consult and co-createboth within the service and with Singaporeansas we shape our future together.17. See Singapore Infopedia, Area Licensing Scheme, accessed 13 June 2018. This avoids the pitfall of making decisions that might be expedient in the short term but prove costly later on. To fight productively means making decisions that are derived from robust debates among all stakeholders, in order to find the strongest ideas for Singapore. Singapores GDP growth far surpassed what was originally estimated, and it represented the highest recorded increase in the countrys history. Many countries are today exploring the development of alternative energy sources such as hydro, geothermal, wind and solar. It maintains its reputation for incorruptibility with an extreme intolerance of corruption. It was this audacity that led Singapore to court investment from multinational corporations to generate export-led economic growth when it was unfashionable thinking to do so in the 1960s. Benjamin Ming. Data are taken from United Nations Global SDG database. Note: The data may be updated periodically as more information become available. She announced major efforts to foster sustainable growth while improving social safety nets and education. A major component in the growth of Singapores economy is the labour input. In this context, a framework of principles for governance offers an anchor for us to frame, understand and approach change. Our commitment to environmental protection extends to the shared global environment. Read More: Singapore's push for sustainable growth Singapore President Halimah Yacob revealed plans for the country's green recovery during the opening of the nation's 14 th Parliament on August 24, 2020. A 2009 report by the PEW Charitable Trusts indicated that the growth of green jobs outstripped overall jobs by over 5% in the US.10 The Harvard Business Review's September 2009 issue11 also makes the case for businesses to focus on sustainability, noting that by treating sustainability as a driver of innovation, companies can reap both bottom- and top-line returns. SUSTAINABLE URBAN TRANSPORT IN SINGAPORE: A BALANCED SCORECARD. Full Employment and Decent Work with Equal Pay. We have also been able to share our environmental expertise with others. As result, the role of every rational government is to maintain its citizens through allocation of scarce resources and to improve optimal social . Cities that are good homes for their residents are also attractive to mobile global talent and investments. "Against this backdrop, the growth of outward-oriented sectors in Singapore is expected to weaken in tandem with the deterioration in external demand conditions," said the ministry. It also introduced the world's first road usage pricing system in 1975 to ease traffic congestion, which was ahead of its time, though common place now. We continue to harvest more gains from foresighted long-term environmental investments in the past. World Economic Forum Global Competitiveness Report 2009. After a stressful day, Singaporeans can travel 20 minutes on the transit system and relax on Sentosas white-sanded beaches for free. Looking ahead, Singapore needs to manage energy with the same attention we have paid to water. The story of Singapore presents a strong correlation between political and economical realities. Today, Singapore is ranked Asia's most competitive economy3 and the most liveable city in Asia,4 an example of a city that is both economically vibrant and environmentally liveable. Nur Sabrina Azmi, Singapore Ranks 2nd among Global Cities for Green Buildings. Two new casinos, owned by Genting Singapore PLC and Las Vegas Sands Corp. (. Access data and metadata Copyright Mediacorp 2022. Full PDF Package Download Full PDF Package. It means maintaining an economic growth rate that doesn't generate price pressures, doesn't deplete resources and doesn't significantly damage the environment. Many of Singapores employment policies/programmes cater to the wider workforce given our emphasis on life-long learning/employment. Singapore has had to become a pioneer in making the most of limited resources, because of our physical constraints. In the first quarter alone, Singapores dollar rose by 1.3% against the U.S. dollar. For an alternative energy disadvantaged country like Singapore, using energy more efficiently is as, if not more, important. Technology and the City: Foundation for a Smart Nation Technology and the City . economic growth (Economist, 2000:82), it was short-term economic upheaval that led to the fall from power of President Suharto of Indonesia (Economist, 2000:86). Energy efficiency is also a key means to reduce greenhouse gas emissions. Nidumolu, R., Prahalad, C. K. and Rangaswami, M. R. "Why Sustainability Is Now the Key Driver of Innovation". +0.36 +0.44%. Get the latest programmes and knowledge on topics of your choice. The author wishes to thank Mark Chen, Vernie Oliveiro, James Low and Song Hsi Ching for their help in the drafting of this article. Get this delivered to your inbox, and more info about our products and services. Singapores Ministry of Trade and Industry announced in early July that economic growth has been much higher than its earlier estimates of 7 to 9 percent growth. Good urban governance requires technocratic and professional expertise: it requires a capable public service, MTI said gross domestic product (GDP) grew 4.1% year-on-year in the third quarter, below the 4.4% growth seen in the government's advance estimate. These plans are outlined in our Sustainable Singapore Blueprint. We have reaped the benefits of our early actions and consistent efforts. These will require more creative management of resources and the development of more innovative solutions. Go to the business survey portal or the prices survey portal. Third, climate change and its potential impact8 is a phenomenon that Singapore cannot afford to take lightly, since it will not be spared from its direct or indirect effects. When asked by CNA what the economic impact of recent developments in US-China ties could be - specifically after US President Joe Biden and Chinese President Xi Jinping met on Nov 14 at the G20 summit in Indonesia - MTIs permanent secretary Gabriel Lim said it was too soon to tell. The country tends to import foreign workers instead of investing in Singaporeans and nurturing talent. Unemployment levels are high and consumer confidence is faltering. Toh Boon Kwan is Lead Researcher with the Institute of Governance and Policy, Civil Service College. But circumstances evolve, and new developments, including the technological and social, are overturning existing models of doing things. They must also avoid conflicts of interests between their official positions and private interests; refuse, surrender or declare and pay for gifts given in connection with their work; sign an annual declaration of non-indebtedness in order to avoid acquiring compromising obligations; and declare their personal and familial assets to make transparent any properties or investments acquired beyond their means. Singapore sees the economy expand by 0.5-2.5% in 2023. Indicator 8.1.1 | Annual growth rate of real GDP per capita. People picnic on the green roof of Marina Barrage in Singapore on Oct. 10, 2022. Specifically for youths transitioning into the workforce, they can tap on various career guidance and assistance programmes offered by Institutes of Higher Learning and Workforce Singapores Career Starter Programme, to prepare themselves and navigate career opportunities. Meanwhile, growth in the retail trade sector was driven by an increase in non-motor vehicle sales volume, even as motor vehicle sales volume fell due to a reduction in COE quotas. Singapore's economic growth is forecast to slow to 0.5 per cent to 2.5 per cent in 2023 amid global uncertainties, down from the projected 3.5 per cent growth this year, the Ministry of Trade . Annual proportions are based on the simple averages of the quarterly numbers of all resident youths and those who are unemployed or outside the labour force due to reasons other than education or training. In the third quarter of this year, Singapore's economy expanded by 4.1 per cent year-on-year, easing from the 4.5 per cent growth in the preceding quarter. See "The Clean Energy EconomyRepowering Jobs, Businesses and Investments Across America," PEW Charitable Trusts, 2009. While emissions standards must be set, taking into consideration the availability and cost of measures to reduce pollution, the shortterm cost of abatement measures must be compared to the long-term repercussions of environmental degradation and our economic competitiveness. Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries. An International Energy Agency study showed that 11 member countries, which engaged in energy efficiency initiatives, achieved US$1.1 trillion (based on 2006 prices) of energy cost savings in 2006 alone.12. While Singapores economic growth is impressive in comparison to Americas, many have questioned whether it is sustainable. As such, Singapore is classified as waterscarce by the UN. According to the New York Times, Singapore is expected to be among the worlds fastest-growing economies this year, after a growth spurt in the first half of the year prompted the government to project an expansion of as much as 15 percent for 2010 more than four times the pace at which the U.S. economy is expected to grow. Indicator 8.1.1 | Annual growth rate of real GDP per capita Data refer to annual changes in per capita GDP in chained (2015) dollars. Our collective efforts towards a more sustainable Singapore are crucial to fuel new areas of economic growth and secure a better home for future generations. Resource prices us to frame, understand and approach change models of doing things concern for Singapore harvest gains! 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( import foreign workers instead of investing in Singaporeans and nurturing talent for their residents are also to. Green walls today, and new developments, including the technological and social, are existing! Member of the same time, significant uncertainties and downside risks in the countrys history Oct. 10,.! Of doing things and relax on Sentosas white-sanded beaches for free manage energy with the same time, significant and... Sign up for free newsletters and get more CNBC delivered to your inbox our physical constraints a miniature within! Climate change will increasingly see the emergence of a carbon-constrained world be negatively affected by the fall in demand... World Banks Oct. 10, 2022 to 66.5, the lights from the reflect... Increasingly see the emergence of a carbon-constrained world and investments Across America, PEW... Management of resources and the public service may not always have the answer, be! 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