Cautious optimism is building as around the world countries plan and prepare themselves for a road out of the COVID-19 pandemic. In Singapore, the contours of an endemic economy are emerging — and there are encouraging signs even as recovery remains uneven across sectors.
As part of ongoing efforts to advance the national agenda on sustainable development, the Government is ramping up the deployment of solar energy infrastructure and exploring international collaboration in areas such as carbon markets and regional power grids. A strong understanding of environmental, social and corporate governance (ESG) issues places Singapore in good stead to become a key global ESG player.
Meanwhile, new global tax rules under the Base Erosion and Profit Shifting (BEPS) 2.0 framework are expected to impact the country’s incentives for big businesses, but opportunities to enhance competitiveness will likely not undermine its attractiveness as a regional hub.
To position Singapore for the upturn and identify windows of opportunities, KPMG in Singapore has proposed a 3C framework in our Budget 2022 proposal titled “Is an economic sunrise on the horizon?”. The framework sets out a roadmap for transforming the nation to build lasting companies and communities on a fragile planet and for an unpredictable future:
- Catching the sun: seizing innovations and nascent opportunities for growth
- Charting New orbits: reassessing boundaries and planning for sector revival amid global landscape shifts
- Strengthening our Core: deepening capabilities and resilience to gear up for recovery
