MAS-ESS Essay Competition: “The Future of Singapore: What new industries could sustain and grow Singapore’s economy and create good jobs?”

Advancing social good has increasingly been a key objective of societies globally. This complex goal is a multifaceted one, including creating a just and fair meritocracy, lifting vulnerable socioeconomic groups, ensuring retirement adequacy, increasing labour market mobility, tackling environmental problems, empowering people through education and training, promoting financial freedom, enhancing access to healthcare, and more.

Hear from Prof Lee Soo Ann as he shares insights on the role of higher education in driving Singapore’s economic growth. Prof Lee has taught in the University of Malaya in Singapore and its successor, the University of Singapore as well as the National University of Singapore. He was the Economic Adviser to the United Overseas Bank and was on the board of two of its subsidiary companies, He sat on the board of other companies (Jurong Town Corporation, the Port of Singapore Authority, the National Productivity Board, and the board of trustees of the University of Singapore. Through years of research, teaching, and administrative services, Prof Lee has a bird’s eye view of the Singapore’s economic growth over the last seven decades!

The Finance Minister, Mr Lawrence Wong will unveil the Singapore’s 2023 Budget Statement on 14 February 2023. The Budget Statement spells out its objectives and allocation of funds for the coming year. In this context, much is expected to address major issues such as a review of wealth and property taxes, details of the revised carbon tax rate for 2024, increase in goods and services tax (GST), including a timeline on when it could be rolled out, and fostering continued growth and employment for Singapore.