Singapore calls for efforts to cope with economic challenges

Singaporean Minister for Trade and Industry Chan Chun Sing - Photo: straitstimes

Ong said trade dispute between the US and China, UK exit from the European Union, rapid technological changes and fake news are posing challenges to Singapore when it comes to issuing social management and economic development policies.

It is an opportune time for closer partnerships between academics and the government to tackle the biggest economic issues, especially in job creation, economic competitiveness improvement, response to climate change and population aging, he said.

Talking to residents at Tanjong Pagar community area, Singaporean Minister for Trade and Industry Chan Chun Sing championed a "targeted and long-term perspective" in Singapore's strategies, even as it tackles short-term challenges posed by the external environment.

The latest statistics by the Singapore Ministry for Trade and Industry showed that the economy of the island state grew by only 0.1 percent in the second half, the lowest in the past decade.