Singapore amid a shifting economic landscape

Singapore’s economy is often cited as Asia’s “coal mine pigeon”; although Singapore is a smaller and newer economy than its counterparts (China, Japan, and India), its progressive financial and trade policies has allowed it to become the most dynamic member of the region.

Unfortunately, this exposes Singapore to cyclical economic forces quicker than older, more established economies.

Luckily, Singapore’s vibrant economy allows it to align its business environment with progressive ideas and processes.

According to Online MBA Programs, the financial crisis has severely crippled public views on MBA programs. Today, prominent business schools are adopting curriculums that stress both the importance of reaping social and environmental returns in addition maintaining a sound budget.

Singapore’s economy reflects this shift in focus. The Ministry of Trade and Industry recently revised its growth forecast for 2012 to 1-3%, higher than its 2009 forward looking forecast of negative 2-5%.

In order to maintain its reputation as a financial hub in Southeast Asia, the government actively seeks value-added activities in lieu of industrial-heavy campaigns to promote economic growth.

According to Enterprise One, Singapore’s business licensing organization, the country’s balance of international trade in services grew 10.7% in 2010. This sector included the export of services including transport, travel, financial services, and business management, many of which will continue to grow in coming years.

Fueling this growth will require businesspeople to understand the new tactics of conducting business in a shifting economic landscape.

Favoring value-added services instead of raw production will force businesspeople to cater to the niche demands of today’s consumers. Issues in both social and environmental sustainability will need to be addressed when improving on existing services.

Although the shift may be a tough venture, the businesses that ultimately figure out how to do so will thrive in the 21st century.

Amy Warner

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