Jobs to remain top of mind for new task force

From April 9 and China vowing to fight back, the concern over economic spillover effects to other players in the global/regional supply chains is mounting.

- Selena Ling

THE TASK UNFOLDS

In this volatile and fractious global environment, Singapore's economic resilience will hinge on its ability to adapt to shifting trade flows, capitalize on supply chain diversification away from heavily tariffed countries, and navigate broader economic uncertainties and financial market volatility.

That said, we can expect some indirect impact from knock-on effects due to our roles as trading, logistics and financial hubs. There could also be a dampening of foreign direct investments until the tariff uncertainties clear. The new national task force will need to consider how small and medium-sized enterprises—already struggling with elevated costs and manpower challenges—can weather weakened demand and volatile market conditions. Support for supply chain diversification, ecosystem development, internationalisation, and access to alternative markets will remain key pillars of economic resilience.

While the task force is aimed at helping businesses navigate the immediate challenges, its role is likely to be prolonged and may well expand in scope. Jobs would remain at the top of mind given the expectation that they might be impacted in the medium to long term. While the overall unemployment rate stood at a low 2 per cent in 2024, job insecurity persists among Singaporeans. The tariffs will do little to assuage that, and will likely even dredge up fresh cost-of-living anxieties.