Better jobs, higher salaries and improved access to basic services – the bright lights of cities seem to promise these and more.
The term “connectivity” is familiar to most of us, even if we don’t think about it much. When we bemoan the shortcomings of the mobile network in our neighborhood or thank the barista for the free and unexpectedly fast WIFI at our favorite coffee bar, we’re acknowledging the place connectivity has in our lives.
But connectivity also plays a larger, global role—one that links communities, economies, and countries through transport, trade, communications, energy, and water networks. In this broader form, it’s known as global infrastructure connectivity, and it boasts a special super power: the ability to catalyze infrastructure development.
Robots will take over our jobs, disrupt our industries and erode our competitiveness.
Such were commonly expressed fears about advances in automation, artificial intelligence, and 3D printing – key representations of exponential technologies – during the inaugural Global Innovation Forum that took place in Singapore.
While robots continue to bear the brunt of public skepticism, participants at the Forum also expressed optimism about the emergence of innovations that could dramatically transform the quality of life for the poorest people in society, particularly in Asia, the region that was acknowledged by many participants as leading the pace of innovation around the globe.
Global benchmarking reports are great conversation starters. Here in Singapore, a nation defined by its drive for excellence, these benchmarking reports are held as evidence of the country’s development success. From topping the global education index PISA, the Global Competitiveness Index, and the Leading Maritime Capitals of the World Report, Singapore takes great pride in being first, in Asia if not globally.
An important global ranking for Singapore is the Doing Business survey, a ranking the island nation topped for many years, indicating the ease with which business can be done in the little red dot.
What do you love about the city you live in?
Your answer may be a combination of the following: ease of travel and access to many jobs using high quality and low cost public transit; livability as measured by the availability of green or community space such as parks, schools, cultural or shopping centers; ease of walking and biking encouraging active living and an engaging community; and an idea of what the city would look like ten years from now.
In 1950, the average working-age person in the world had almost three years of education, but in East Asia and Pacific (EAP), the average person had less than half that amount. Around this time, countries in the EAP region put themselves on a path that focused on growth driven by human capital. They made significant and steady investments in schooling to close the educational attainment gap with the rest of the world. While improving their school systems, they also put their human capital to work in labor markets. As a result, economic growth has been stellar: for four decades EAP has grown at roughly twice the pace of the global average. What is more, no slowdown is in sight for rising prosperity.
High economic growth and strong human capital accumulation are deeply intertwined. In a recent paper, Daron Acemoglu and David Autor explore the way skills and labor markets interact: Human capital is the central determinant of economic growth and is the main—and very likely the only—means to achieve shared growth when technology is changing quickly and raising the demand for skills. Skills promote productivity and growth, but if there are not enough skilled workers, growth soon chokes off. If, by contrast, skills are abundant and average skill-levels keep rising, technological change can drive productivity and growth without stoking inequality.
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With the release last month of the latest PISA (Program for International Student Assessment) results by the OECD (Organisation for Economic Co-operation and Development), it is apparent that many of the highest achieving students in the world are in East Asia.
Just as in the recently released TIMSS (Trends in International Mathematics and Science Study) results, Singapore leads the world in every subject in PISA, outperforming other economies and countries by a significant margin. Students in Singapore perform at a level that is up to two years ahead of their regional and OECD counterparts in science, mathematics and reading. Moreover, almost all Singaporean students have reached a basic level of proficiency or higher. And they just keep getting better, having significantly reduced performance below basic proficiency.
Japan also outperforms most participating economies in science, mathematics and reading. However, its score in reading has declined since the last round. Still, as in Singapore, 90% of students have reached a basic level of proficiency or above.
Will cash and checks still exist 15 or 20 years from now given the increasing digitization of money? Is the smartphone our new bank? Will many people working in the financial sector industry lose their jobs due to growing use of technology, robots, algorithms, and online banking? Is financial technology (FinTech) the solution to providing financial services to the 2 billion people in the planet that still lack access to finance? Will digital currencies and other innovative FinTech products pose systemic risks in the future? What is the best approach to regulate FinTech companies?
Đối với người dân Việt Nam, đất nước Singapore không chỉ là một "con rồng Châu Á" mà còn rất gần gũi nhờ mối quan hệ thân mật giữa lãnh đạo nước nhà với Cựu Thủ tướng Lý Quang Diệu, người đứng đằng sau tất cả những thành công của Singapore ngày nay. Là biểu tượng của sự hiện đại và văn minh, đặc biệt với điều kiện tài nguyên thiên nhiên hạn chế, Singapore là mô hình đáng để Việt Nam học tập trên con đường phát triển theo hướng cạnh tranh, bền vững và văn minh.
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