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Economy


Overview

Question:

How is the way we work changing? How are markets evolving? What new industries and firms are emerging and what new jobs will be created between now and 2030?


Submit Trends:http://crowdsensor.mit.edu/trends/2016/economy
Rules:All entrants must agree to the Crowdsensor rules and Terms of Use
Deadline: Friday, September 30 at 11:59:59 PM Singapore Time

 

Background

The economy is changing rapidly, from the way goods and services are produced and consumed, to the way stocks are traded in markets, to the way individuals participate in the workforce. Between now and 2030, different industries will rise and fall in prominence and the number and distribution of workers employed in various occupations can be expected to change.

Globalization in particular will having a significant impact on the way the economy progresses. Investments defy geographical boundaries; remote working capabilities make international sub-contracting more feasible; and the largest companies are growing into international giants that serve markets across the globe. A 2016 McKinsey report found that 12% of the global goods trade is conducted via international e-commerce, and this can only be expected to grow in significance. However as much as globalization has enabled economic growth, it has simultaneously created dislocations and risk. As evinced from the economic crises that have occurred over just the past decade, the global economy has proven so tightly coupled that fluctuations in the US, Greece or China were able to have worldwide repercussions.

In Singapore, the economy has traditionally been driven by its port. In the 19th century, Singapore was a key entrepot for ships passing through Asia. Since then, shipping trade has continued to be a key component of the economy, but through its investments in infrastructure and growing numbers of knowledge workers, Singapore has achieved a prominent position in the 21st century knowledge economy. Because it serves as the base of many corporations’ Asian headquarters and has a rapidly growing financial services industry, the McKinsey Global Institute ranked Singapore highest on its Connectedness Index, based on its inflows and outflows of goods services, finance, people and data.

 

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