How 4 worldwide macro trends are affecting Singapore

These macro trends were identified by Project Management Institute in their latest research. 

Out of the six global trends recognised by the Project Management Institute (PMI) in their latest research, four trends are currently seeing traction in Singapore. 

Based on the PMI's Global Megatrends report, the four trends currently affecting the Lion City are digital disruption, climate crisis, demographic shift, and labour shortages. 

According to the report, Singapore is positioned to ride out the digital disruption caused by the pandemic. Approximately 94% of government services made the jump towards digitalisation, The institute also observed that an increase in information and communications technology procurement took place in 2021. 

The climate crisis was also cited as a factor currently affecting other countries, with Singapore’s Green Plan 2030 recognised as a step in the right direction. Despite this, however, the PMI pointed to an unmet consumer demand for sustainable products and the development of skill sets in sustainability as areas for improvement. 

The two other trends, demographic shifts and labor shortages, should push Singapore-based businesses to question their talent retention, the report read. 

The study also points to the Great Resignation, in particular, as one of the reasons for Singapore to undergo these trends.

“This year’s Global Megatrends report highlights trends that will continue to impact both businesses and societies across the globe. With accelerated digital transformation, climate change, demographic shifts and labor shortage, as pressing issues for the world, they are especially relevant for APAC, where there is an opportunity for project professionals to deliver positive impact,” explained Ben Breen, Managing Director, APAC Head of Construction, PMI.

The Global Megatrends report published by the research group is part of a yearly effort to determine the trends set to influence countries worldwide. Factors taken into account for the study include trend date, primary and secondary research, and interviews with project managers in the field.