SkillsFuture an ‘ideal model’ for SE Asia

Singapore's transformation into a global economic powerhouse offers aroadmap for Southeast Asian nations seeking to navigate an era of global uncertainty, says Heng Swee Keat, chairman of Singapore’s National Research Foundation and former deputy prime minister.

- BOONSONG LIPIMAS

Delivering the keynote address at “The Future Forum 2025: The Great Transformation” organised by the Thailand Management Association, Mr Heng said the world is entering a period of profound change, shaped by four structural forces: deglobalisation, decarbonisation, digitalisation and demographic shifts.

“Foreign direct investment has played a critical role in lifting millions out of poverty over the past 50 years,’ he said. “But today, the world faces slower global trade, climate change, rising debt and the temptation of short-term populism. Leaders must have the courage to take the ‘bitter medicine’ of structural reform, rather than opt for the ‘sweeteners’ of policies that create long-term debt burdens”