Budget 2024 debate: Mariam Jaafar on growing Singapore's economy and shaping AI policy
While some might say it is inevitable that Singapore’s economy is entering a slow-growth era due to its stage of development, the constraints it faces as well as global uncertainties, how might it still achieve the top end of its GDP target and grow at three per cent a year over the next decade? What constraints should be challenged and where should bolder action be taken? MP Mariam Jaafar posed these questions in Parliament on Tuesday (Feb 27). She said Singapore’s ability to harness the full power of artificial intelligence (AI) has the potential to boost productivity and propel the country to that top-end GDP growth over the long term. Ms Mariam said Singapore should be very focused on how AI development can enable new business models and productivity gains, creating value domestically and beyond. Offering four suggestions to shape Singapore’s AI policy, she said, “We need to stay away from the hype and the noise and anchor on value creation, anchor on proven initiatives that will move the needle and not a bunch of what-ifs”.
While some might say it is inevitable that Singapore’s economy is entering a slow-growth era due to its stage of development, the constraints it faces as well as global uncertainties, how might it still achieve the top end of its GDP target and grow at three per cent a year over the next decade? What constraints should be challenged and where should bolder action be taken? MP Mariam Jaafar posed these questions in Parliament on Tuesday (Feb 27). She said Singapore’s ability to harness the full power of artificial intelligence (AI) has the potential to boost productivity and propel the country to that top-end GDP growth over the long term. Ms Mariam said Singapore should be very focused on how AI development can enable new business models and productivity gains, creating value domestically and beyond. Offering four suggestions to shape Singapore’s AI policy, she said, “We need to stay away from the hype and the noise and anchor on value creation, anchor on proven initiatives that will move the needle and not a bunch of what-ifs”.
