Among Singapore’s business community, there is a sense that the country is at a crossroads. Leaders in the world’s most competitive nation are actively looking to redefine working practices and build businesses beyond the island’s shores, with implications for HR and mobility.
Yet there is a sentiment among some of Singapore’s business leaders, businesses and trade representatives that its continued economic progress is being challenged. Declining Chinese demand for raw materials and the significant downturn in the oil and gas sector globally are hitting its rig-building and refining businesses, as well as its financial sector.
In common with many developed economies, demographic changes, such as an ageing population and rising pension and social care costs, are also ratcheting up the pressure on business as usual.