THIS WEEK’S TOPIC: Should support be provided to every business equally, or should structurally unviable enterprises be allowed to fail?
Throughout history, Singapore has remained tightly integrated with the global trading and financial systems. It is no surprise therefore, that our nation has thrived on these two pillars, earning us the crown of the world’s most open economy ahead of USA and Hong Kong.
For a globalised economy like Singapore, continuous engagement with world markets is not only necessary but crucial. As I look deeper into the success of Singapore, I am not convinced that support – whether financial or otherwise – needs to be equally provided to every business. Our navigation clues should come from the sectors that drive most of our growth such as manufacturing and financial services.
Some businesses should be allowed to fail only because it will further strengthen us as a nation. Firstly, this is because market forces determine what products and services are in demand. Secondly, the process drives innovation because business owners and entrepreneurs will need to pivot to compete and stay relevant.
To view my thoughts on Business Times, visit this link: https://www.linkedin.com/pulse/facing-challenge-economic-triage-mario-singh/?published=t
