In our previous piece,
A record year of elections: Observations from 2024, Lee Kuan Yew School of Public Policy (LKYSPP) faculty members weigh in on the significant impact of the 64 elections across the globe. In this piece, they share their views of what’s to come in 2025 and beyond, on a range of affairs, from China’s fiscal strategy to Big Tech’s role in balancing commercial and public priorities.
"Geopolitical reconfigurations continue to redefine the world we are living in today, largely driven by the rivalry between ‘great powers.’ While the impacts of these developments can be multidimensional, one such fallout concerns global financial fragmentation – a term broadly referring to the division of the international financial system into distinct blocs due to rising geopolitical fissures and a broad retreat from economic globalisation. These developments will present unprecedented challenges to emerging market economies in East Asia and elsewhere, which rely on cross-border capital flows as a source of external financing. Carving the global financial system not only threatens global financial stability, but also limits access to diversified funding sources, making it a lot harder for emerging markets to navigate global shocks and achieve sustainable development."
- Sasidaran Gopalan, Senior Lecturer
“China holds a crucial position in the global economy, with its domestic policies significantly influencing international trade, investment, and financial stability. Among these, fiscal policy stands at a critical juncture.
Reforms such as local debt restructuring and recalibrating central-local fiscal dynamics could position China as a model of resilience. However, these efforts require careful navigation to preserve stability and address inefficiencies.
The coming decade will reveal whether China’s fiscal strategy fosters sustainable growth and offers global lessons or underscores the complexities of navigating such difficult reforms.”
- Alfred Wu, Associate Professor
"Cities are redefining urban living with the '20-minute city' vision where work, leisure, and daily needs are always within easy reach. By cutting commute times and encouraging active mobility, urban planners are focusing on blending homes, businesses, and vibrant public spaces to create more inclusive, sustainable, and people-centered communities. As these initiatives mature, the challenge of ensuring that all neighbourhoods, including lower-income and ageing communities, benefit equally will take centre stage."
- Lea Bou Sleiman, Assistant Professor
“The rapid growth of Big Tech has led to an unprecedented concentration of power in the hands of a few companies that control our dominant digital platforms. Generative AI advancements over the past two years have further amplified their ability to influence public discourse and culture and impact decision-making worldwide. While their innovations, such as generative AI, increase productivity, they raise concerns about intellectual property, misinformation and disinformation, fraud and cybersecurity, challenging regulatory frameworks, competition, and democratic processes. Policymakers, academics, and civil society must examine the rise of the Big Tech to ensure that their commercial interests do not undermine the public interests and priorities."
- Araz Taeihagh, Assistant Professor