Knowledge Economy Will open Opportunities For the future
As the Budget consultations continue we can expect a lot of submissions based on the economic impact of COVID-19. The submissions are likely to focus on how people can survive this crisis especially if it continues to the end of this year and beyond.
The outcome of these submissions will be used to formulate the National Budget. This has become an annual exercise.
But going forward and grappling with the new challenges of COVID-19 we need more than once a year consultations.
Building on these consultations, we need to expand them to a national conversation.
Government can call all the best brains and experts in a quarterly roundtable to come up with ideas on how to collectively rebuild the economy.
If there is one thing that we need to look at it’s our knowledge economy.
We must invest more in research and innovation and unlock the potential opportunities that will grow our economy.
New knowledge in science and technology will help develop our industries whether it’s manufacturing, construction, agriculture or health care.
From a health perspective, research provides evidence base from which services and health can be provided.
Innovation in health requires thinking more subjectively about what people need and the most efficient, effective way to address need.
In Singapore policy makers have taken health as a priority and developed policies that have put the health of its citizens at the forefront.
Health is a prerequisite to a robust economy Healthy citizens have higher productivity which indirectly positively impacts the economy.
We can develop our natural resources through research and innovation. We have the intellectual capacity to sustain a knowledge-based economy.