Singapore to Deliver New Growth Map With Economy Under Strain

By David Roman | Bloomberg – 7 hours ago

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• ricky l 0 seconds ago
  Posted in :- January 2, 2017 ricky l 4 seconds ago I think there is no need to panic. Singaporeans should watch out for :- "The government's Committee on the Future Economy will unveil its recommendations on longer term strategies for growth soon". Increasingly, we should focus on "Services" as the Engine for Growth. This focus will help to chart, foster, grow, expand and export "Services" - as our Growth Engine --- that will transcend and go beyond the constraint of "Physical Boundary". Reply ricky l ricky l 11 seconds ago Services for growth will be able to create, penetrate and foster "virtual connectivity, virtual penetration, virtual community, virtual marketplace, virtual trading, virtual exchange, virtual finances, virtual currency" etc ---- transcending "physical boundary, physical constraint, physical restraint" ---- and complete transaction in real-time, online and at break-neck speed. This means more jobs will created for PMETs - where the percentage of PMETs have increased from 10% to the future of 40% or more. This will decrease the manufacturing contribution to the Economy. In addition, SMEs will also increasingly leverage on the "Service Economy" to grow their business and rely on robotics, automation. All this will help to transcend Singapore's constraint of "Physical Boundary" - by going "Virtual" - where the "boundary is limitless - the Globe". See less ricky l ricky l now If Singapore is able to do this and succeed, Singapore has reached "Nirvanic Economy" - the State of Nirvana - boundless. borderless, virtual, limitless........ ricky l ricky l 10 seconds ago And for Singapore, the "Globe will be Our Marketplace - with no Boundary" - this should be our focus of "Service Engine for Growth". We should explore, open up and penetrate "New and unchartered market" as well - as physical boundary is no longer a constraint. ricky l ricky l now Through the "Service Sector" ---- we will then attract and draw the "Physical connectivity" back to Singapore - and grow our manufacturing and other physical sectors and industries. This will be the reverse grow - to overcome our "physical constraint". ricky l ricky l now It is thus important for Singapore to maintain good relationship with many and if possible every Countries in the World. ricky l ricky l 11 seconds ago Singapore have managed to grow our "Service Sector" to contribute 25% to the Economy. With increased focus, the target is to grow it to 50% of the Economy ---- that will effectively cover the loss in "Manufacturing sector" and "SME sector - that is not able to grow with no corresponding grow in manpower". PMETs will grow in importance and can grow in number - and contribute to more middle-top income earners. ricky l ricky l 2 seconds ago Specifically, this "Service Engine" for growth as our Future Economy - should be the "Digital Economy". ricky l ricky l 11 seconds ago Where this Digital Economy should pervade every sectors of the Economy :- Be it :- (1) IT sector (2) Transport sector (3) Finance, Banking and Insurance sector (4) Logistics sector (5) Manufacturing sector (6) SME sector (7) Hospitality sector (8) Food and Beverage sector (9) Gaming sector (10) Healthcare sector (11) Aerospace sector (12) Construction sector (13) Trade, ports sector etc ricky l ricky l 2 seconds ago Imagine if Digital Economy can contribute 25 to 50% in each industry sector - we can grow and replace our traditional Economy sector phenomenally - from a $400 billion GDP to $600 billion GDP. And create many PMETs jobs - which have been expanding from 10% to 40% - and can still expand further with Digital Economy. This will create many more middle income earners and top middle income earners - if Singapore succeed. The future for our descendants and future generations will be bright. ricky l ricky l 2 seconds ago Our current Digital exploitation is still not deepen and expanded in scope. If we succeed in deepening and expanding Digital exploitation into a full-fledged Digital Economy in every sector of our Economy - our Future Growth will be very bright.
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  • ricky l 0 seconds ago
    For eg. deepening and expanding Digital Economy to support traditional model in each industry sectors include :- 
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  • (1) Manufacturing sector - more pervasive used of robotics, IoT, nanotech, 3D printing etc
  • (2) Finance, Banking, Insurance sector - more pervasive used of Fintech, mobile banking, online banking etc 
  • (3) IT industry sector - IoT, Big Data, Meta Data Analytics, CyberSecurity, Cloud, etc 
  • (4) SME sector - online shopping, mobile shopping etc 
  • (5) Construction sector - 3D printing, robotics, etc (6) Transport sector - Driverless, online booking, tracking, scheduling, IoT, etc 
  • (7) Food & Beverages - automation, robotics, online ordering etc
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    • ricky l 0 seconds ago
      The industry mention above is not limited and should be expanded to all industry sectors as possible. 
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    • For eg. 
    • (8) Gaming sector - online gaming, mobile gaming, virtual reality etc. 
    • (9) Logistics sector - online scheduling, tracking, etc. 
    • (10) Trade and Business sector - online registration, LC, banking facilitation, online information and aiding of trade facilitation etc. 
    • he Digital Economy will have the benefit of transcending our "small physical constraints, physical boundary, physical size". 
    • And by empirical data, Digital Economy should bring in another 25% to 50% more to the Economy. In fact in some sector, it can bring in as much as 94% and more. So Singapore Future Economy is bright.
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      • ricky l 0 seconds ago
        In every industry sectors, they should be make up of 2 categories :- 
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      • (1) Traditional industry - this will keep traditional workers - blue collar workers and white collars workers - to maintain their traditional business 
      • (2) Digital industry - this will be the up and growing category - where blue collar workers and PMETs are trained and armed with new technologies, mindsets, innovation, creativity to transform Traditional Industry into a Digital Economy for their business. 
      • Digital Industry - will go beyond traditional boundary - and will transcend border, virtual, limitless, borderless. 
      • And Digital Industry growth cn be phenomenal - as it will have the reach that go beyond National boundary. 
      • It can go regional and global - without some investment. Both Traditional + Digital - become the Nirvanic Economy (Physical + Virtual).
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        • ricky l 1 second ago
          Having say so, cyber-security will become increasingly important because IT infrastructure will increasingly become the backbone of our Future Economy. 
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        • We must ensure resiliency and robustness in our IT infrastructure. May want to look into creating :- (1) National Intranet - to facilitate domestic Digital Economy 
        • (2) National Internet - to facilitate International Digital Economy In the event where there is a large diversified attack on our National Internet, we can fail-over to National Intranet to continue business and provide immediate connectivity to Internet while salvaging and stopping the Internet attack. 
        • Protection of Critical Information Infrastructure (CII) will become extremely important from Advanced Persistent Threat --- similar to the movie "Diehard 4".
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          • ricky l 0 seconds ago
            For Traditional Economy - growth can be maintained. 
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          • For Digital Economy - growth can be pushed without the corresponding strain on resources - eg. manpower, infrastructure etc because it is digital. By doing so - many jobs can be created for PMETs - increasing from 10% to 40% and beyond depending on how far and how much we grow our Digital Economy.
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            • ricky l 0 seconds ago
              Digital Economy can be used to help to penetrate unchartered market beyond traditional market.
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              • ricky l 0 seconds ago
                Singapore being a small Country - we should be able to build a National Intranet --- as the land mass to lay a wired and wireless Intranet will be less costly - compare to a land mass that is much bigger.
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