Engineers in the new economy Flashcards
What are some of the challenges in the new millenium?
Increase speed/efficiency in problem solving
Computer/Info-Comm Engineering
Use of resources
Materials/Nano Engineering
Clean potable water
Environmental Engineering
Alternative sources of Renewable Energy
Solar Engineering and Clean Technology
Healthcare
Life Science/Biomedical Engineering
Underground space (Singapore context) Civil Engineering
What is needed to overcome these challenges?
Required Innovative Solutions
Required Technologies
Required Scientists/Engineers
What is the economic debacle in Singapore
mainly due to 1964
confrontation, 1965 separation, and
1967/71 British withdrawal
What is the economic miracle in Singapore
an indicator: foreign reserve in 1965 – about $1 billion 1975 – 7.5 billion 1985 – 29 billion and 1995– about 100 billion
What is Singapore’s success the result of?
hard work, tough choices and bold decisions.
Sweat and labor, vision and headaches,
leadership and determination – some of the
factors behind Singapore’s economic growth
What is “An Economic History of Singapore: 1965-2065 (5 phases)”
It is a macro view that divided into 5 Phases of about 20 years after Independence
What is the phase 1 of the 5 economic phases
1965-1984
Period when the economic fundamentals of prudent
public finances, sound monetary policies, co-operative
industrial relations, outward orientation, and market based strategies took root
Economy grew by an average of about 10% per annum,
and Singapore emerged as a newly-industrialized
economy at the forefront of developing countries;
Export-led industrialisation through multinationals:
Shift away from import-substitution in favor of export-led
industrialisation;
Attract global multinational corporations as vehicles to achieve industrial growth.
(Seek external help for growth)
What is the phase 2 of the 5 economic phases
Transition from 3rd World to 1st World Phase
1985 to 2010:
Resource constraints and diminishing returns to
investment began to set in;
The cost advantage that Singapore enjoyed began to
narrow;
Liberalisation and the rise of modern services:
Enhance wage flexibility;
◦ Tap more decisively into regional markets for trade and
outward investment;
◦ Step up the pace of industrial upgrading;
◦ Promote innovation, enterprise, and entrepreneurship;
◦ Liberalise various services sectors such as finance,
telecommunications, and utilities.
What is the phase 3 of the 5 economic phases
Third Phase: Transition towards productivity-led
growth Phase
Demographic slowdown;
Overcoming of resource constraints through a significant
restructuring of the economy;
Significant step-down in real GDP growth to 3.6% per
annum;
By 2025, the economy had matured, with productivity
growth accounting for virtually all of economic growth
What is the phase 4 of the 5 economic phases
Regional integration and offshore economy Phase
2026 to 2040
Singapore’s high-end manufacturing and modern
services benefitted significantly from trade and
investment links with these Asian giants, US and the
North Euro Area
Iskandar-Singapore Economic Zone (ISEZ) in 2028
ASEAN Free Economic Zone (AFEZ) in 2020.
Go outside Singapore to grow
What is the phase 5 of the 5 economic phases
Climate change mitigation and adaptation Phase
2040 to 2065
Adapting to climate change thus became as important a
consideration as mitigating it
The introduction of a carbon tax helped to reduce
carbon intensity in economic activities, increase energy
efficiency, and modify consumption patterns
By 2055, the green industry emerged as the largest
contributor to Singapore’s Gross National Income,
covering a wide range of economic activities
Go for green industry to grow
What is the importance of research, innovation and technological development to Singapore’s future?
Singapore must increase her capacity to undertake research and development of international standard. The underlying rationale is that the development of technological capabilities will help to sustain economic growth by rooting high value added activities in its economy.
Today, strong manufacturing capabilities and efficient services in the economy are defined by superior technology, innovation and human resources.
How does the development of science and technology capabilities support the upgrading and restructuring of Singapore’s existing industry and business clusters?
1) Enable Singapore to continue to serve as a highly competitive industry and business hub in the region
2) Can support the shift in the manufacturing sector, from low value-added assembly activities to those with higher innovation and technological content
3) Enhance Singapore’s attractiveness to the multi-national corporations (MNCs) and encourage them to root their operations here in Singapore
4) Enhance the competitiveness of the local small and medium enterprises (SMEs) as well as firms in the services sector to enable them to develop and compete not only regionally but also globally.
Why is technology development needed to preposition Singapore for new emerging clusters
enable Singapore to build up a comparative advantage in these higher value-added industries
Why does Singapore need a few prominent industry and business clusters that are sufficiently strong to serve as anchors, and what needs to be done to achieve this?
To enable the economy to perform well.
For this to happen, Singapore must possess world class capabilities in innovation, technology and human resources in order to position these clusters as world beaters.
