My Peanuts character
The much awaited CFE or report for the Committee for Future Economy helmed by 2 ministers, 30 top brains and 80 meetings later, with 9000 people's feedback garnered has not sprung any new surprises. While it is too early to cast or criticise the proposals, lets just say that as an ordinary small enterprise owner, I was not expecting any handouts from the Government from the word 'go'. The trading world has been in a downward protectionist trend about 2 years, and it has been reflected with last June's Brexit, and the election of the non-partisan Donald Trump into the highest office in USA. As things go, he is enacting very closed door policies and tallking (and tweeting) of trade protection for US made products. The very anti-thesis of the last 25 years of non-stop globalisation.
Singapore with its open economy and zero reserves is facing multiple challenges on many fronts, an aging society, painful structural changes in the economy, many jobs are lost forever, and many managers, professionals are in the void with inappopriate skill sets especially in the manufacturing,services, ship building, rig building, oil and gas sectors. In addition, there are new disruptive technologies like Artificial Intelligence which is rapidly making many jobs redundant in the near future (5 years or earlier). Soon, it will be an aging society, looking for jobs which can be easily be replaced by robots, and automation.
What jobs will remain plentiful and profitable by, say, 2022 ??
I have a clear and focussed plan for my small business. It will be tough, but we will be bringing the bacon home for the next 5 to 10 years. If we wait for the Government to implement policies, or even pursue Government contracts, it may be too little and too late.
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