One year on, the pandemic and government, business and individual responses to it have accelerated and deepened five pre-existing long-term structural trends in the global economy. Each of these has implications for Singapore's economy going forward.
First, technological advances in automation, artificial intelligence and digitalisation in services and manufacturing will reduce labour intensity, increase productivity and create new market opportunities. Such advances are welcome in Singapore's affluent, chronically labour-short and rapidly ageing society.
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