Digital trade will help spur Singapore economy

Significance

The government is urging local companies to adopt digital solutions to meet the challenges of the post-pandemic period. Meanwhile, it has tightened regulations on hiring of professionals and skilled workers from abroad in response to public criticism of its immigration policies.

Impacts

• Singapore will support measures to increase the pace of digitisation in the wider region.
• The sovereign wealth funds GIC and Temasek will invest in distressed assets whose valuations have fallen amid the pandemic.
• Reskilling programmes will help boost the capabilities of the local workforce.