Additionally, Prof. Mei cited the CDC certificates as a method of providing immediate assistance. However, he doesn’t believe that Singapore’s fiscal policy needs to be greatly changed at this time.
A “expansionary governmental position” where the state spends more did “minimize the tariff shockwave,” according to Ms. Ling of OCBC.
If con growth dangers become a reality, she suggested that Singapore’s government might take into account an extra Budget package.
What other options does Singapore have?
Under Trump’s command, Asst. Prof. Mei remarked that dealing with the US has become more challenging.
Singapore should be prepared to form a business system without the US, he said, adding that the nation should work with big nations like China and the European Union to advance the WTO framework.
Ms. Ling argued that Singapore may continue to engage in negotiations and dialogue with the US while strengthening economic ties with other countries.
Singapore needs to strengthen its regional ecosystem to be more aggressive in terms of productivity, innovation, research, development, and other areas, she said. Southeast Asian nations need to be more united.
The regional approach must be one that maintains a trade- and market-friendly environment, is open to new opportunities for talent, and adheres to a world or multi-lateral economic framework.
While monetary and fiscal policies can reduce short-term swings, regional cooperation and developing comparative merits would be most crucial and powerful, according to Asst Prof. Ye of NTU.
They “offer more endurance, a more prolonged long-term impact, and more important enhancements in addressing the uncertainties of global trade.”
He added that investing in human capital and improving labor skills will aid in responding and savoring growth prospects in the modern economy.
These benefits make sense for the development of a little, advanced business like Singapore.