Former World Bank chief optimistic on Singapore economy

SINGAPORE – Former World Bank chief Robert Zoellick is optimistic Singapore’s economy will come out stronger in its efforts to boost productivity and reduce reliance on foreign labour.

He said businesses are becoming more aware of competition and how that will affect wages, but he expressed confidence Singapore is well-placed to handle these political pressures and ease concerns.

Yet, external factors such as China-India ties may have an impact on Singapore’s economic prospects.

“Singapore always has to be on the cutting edge,” he said, speaking on the sidelines of The Singapore Summit yesterday (Sep 20).

“The good news for Singapore is that the officials and business leaders that I have met here are always a little bit on the paranoid side. They are always a little bit worried. So that’s a good thing and I frankly think that the government is trying to respond to different sort of political movements and challenges and of course, Singapore depends on the region.” CHANNELNEWSASIA