Singapore Prime Minister Lawrence Wong, who is also the Finance Minister, spoke at the Institute of Policy Studies-Varsity Voices Dialogue about how the world is different from before, and answered questions on how Singaporean workers should map their careers differently as such.
He shared: “Looking ahead, over the next 20-30 years, I think it is impossible to predict what will happen.
“But I have no doubt that we will face our share of challenges in the years and decades ahead. For one, Singapore will have to operate in a more difficult external environment. The previous era of globalisation and free trade is over. We are not going to go back to that again.
“We now see a new era of competition, especially between the major powers and between US and China. The world is becoming more dangerous and fragmented. It will be increasingly difficult for countries to come together to solve global problems.”
Some megatrends to take note of
PM Wong then explained some of the key big-picture global shifts that would matter to Singaporeans and the job market.
On climate change
“Climate change is likely to be the biggest problem humanity has to confront in our time.
“People talk about wanting to cut back emissions. Countries make all sorts of commitments but unfortunately, we do see a backsliding in many of these commitments around the world.
“Particularly from the large emitters, which means, year-by-year emissions continuing to rise, global temperatures continuing to rise, and we are all headed towards a climate disaster.
“On the climate, it looks like things might very well get worse before it gets better.
On artificial intelligence and technology
Take another challenge, which is that of rapid technological advancement. I think we are on the cusp of yet another major wave of technological advancements and breakthroughs.
“When I was younger, the big thing was the internet that had just come into being. The World Wide Web, it was a novelty.
“That novelty that started in the early 90s led to huge breakthroughs and transformations across businesses.
“No one could have predicted in the early 90s what the internet could be used for. In the end, it led to e-commerce, business transformation, and social media platforms, and it is now creating the Internet of Things. So many transformations.
“Today, what is new is artificial intelligence (AI). We are seeing the dawn of AI which I am sure in the next 20-30 years, will have an even bigger impact compared to the internet during my time.
“For now, everything we hear about AI is Large Language Models (LLMs) and ChatGPT. But the potential use cases for AI goes well beyond ChatGPT. It will change how we innovate, how we work, how we learn and teach, how we collaborate and interact with one another. It will change everything for everyone.”
PM Wong also answered some questions at the forum that are important to Singaporean workers, jobseekers, and employers on how to chart careers in this ever-changing economy.
Here’s a round-up of responses from the session shared by IPS below.
So what are the opportunities and growth areas, and skills worth investing career-wise in the future?
PM Wong said: “I think it’s very hard to predict (the next big thing)- industry trends are moving so quickly, and it’s almost like guessing what’s the next big stock in the stock market.
“Focus on what skills you want to think about- that’s more fruitful.”
He believes that it is better to consider megatrends that will be with us in the coming years for Singaporeans to position themselves career-wise instead.
“Don’t just think about industry silos anymore – think about these big mega trends, which will be with us for the coming years and decades and start to think about how you can understand these trends better, and what new skills you will need to acquire.”
As such, he believes one key megatrend to focus on is digital technology and artificial intelligence, even if computer science isn’t everyone’s cup of tea.
“You can be a lawyer, you can be in finance, you can be an accountant, an architect, you can be a designer – you will have to start using more and more technological tools, including AI tools,” he added.
One does not have to be a programmer to be able to use tech tools effectively, especially as AI advancements are already making AI more accessible, such as on WhatsApp, he added.
PM Wong also shared how getting Singaporeans on board technology trends quickly is key to our national strategy, saying: “When the biggest companies of the world see the AI talent that is here, they will want to invest more in Singapore, and when they do so, they create more jobs for all Singaporeans.”
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More and better career opportunities to be created for Singaporean workers and jobseekers, but being flexible matters
He elaborated on how these goals and government initiatives to improve Singaporean job and career prospects are part of our national social compact.
“The Government can spend more on skills upgrading and development, and we will.
“We will make courses cheaper, more effective, and easier to access, but Singaporeans must also step forward to go for training and continually pick up and improve their skills.
“In addition, the Government will want to do more to uplift the wages of lower-income workers.
“We want to see them improving their well-being; we want to see them earning more in their own right,” he added.
The goal is to provide more opportunities for all Singaporeans to chart their paths and pursue their diverse aspirations and definitions of success.
PM Wong said that in the past, there was a focus on a few key professions that were deemed successful careers, citing doctors, lawyers, accountants, teachers, and engineers as some examples.
“These days, there are many more options and career pathways”, he said.
“And that reflects our more diversified economy today. For example, we have leading global companies in aerospace, biotech and pharmaceuticals.
“They have set up shop here and offer good jobs for Singaporeans. In professional services, there are many opportunities to pursue finance, information technology (IT), marketing and communications, amongst others.
Addressing younger Singaporeans, he encouraged them to embrace an attitude of learning and excelling at whatever they do, not just while in school or after graduation but throughout their lives.
He concluded: “The Government will do more to support you. That is why we are investing significantly in SkillsFuture, in providing you with more opportunities to upgrade your skills to be fresh and get better at what you are doing.
“As you get older, and even when you are in your 40s or around my age in your 50s, you will be able to get a fresh injection of skills, learn something solid, and you might very well get a second wind in your careers!”
(Main Image: MDDI)
