The Ripple Effect of Deglobalization and the Rise of Skills in Southeast Asia
December 10, 2024, 4:22 pm
Location: France, Ile-de-France, Boulogne-Billancourt
Employees: 1001-5000
Founded date: 1961
In a world increasingly defined by borders, the term "deglobalization" has become a heavy anchor weighing down economies. Recently, Chinese Premier Li Qiang raised alarms about this trend during a summit in Beijing. He warned that the world economy is under siege, grappling with uncertainty and rising protectionism. This is not just a Chinese concern; it reverberates globally, impacting trade, investment, and growth.
Li's speech came as leaders from major financial institutions gathered to discuss the state of the global economy. He painted a grim picture, noting that discriminatory trade measures have surged since 2020. The message was clear: the tide of deglobalization is rising, and it threatens to drown the fragile recovery of the world economy.
China is not alone in facing these challenges. The country is battling a prolonged debt crisis in its property sector and grappling with high youth unemployment. Recent data revealed a nationwide inflation rate of just 0.2 percent, signaling weak demand. As the U.S. prepares for a new administration under President-elect Donald Trump, who has promised to impose tariffs on China, the stakes are high.
Li's critique of "some countries" imposing high tariffs is a veiled reference to the U.S. He avoided naming Trump directly, but the message was unmistakable. The trade war initiated by Trump has left scars, and the prospect of escalating tariffs looms large. In response, China has unveiled measures to boost trade, including enhanced export credit insurance and financing support for foreign companies.
Meanwhile, in Southeast Asia, a different narrative is unfolding. Singapore recently celebrated an improvement in its adult literacy and numeracy rankings. The Programme for the International Assessment of Adult Competencies (PIAAC) revealed that Singaporeans are better equipped to acquire new skills. This is a beacon of hope amid the storm of deglobalization.
The PIAAC study assessed 5,000 Singaporean adults, focusing on literacy, numeracy, and adaptive problem-solving skills. The results show that Singaporeans are not just keeping pace; they are excelling. The adaptive problem-solving score of 252 matches the OECD average, highlighting the country's commitment to developing human capital.
While Singaporeans are not chasing rankings, the results suggest a collective improvement in skills. This is crucial as the global economy shifts. The ability to adapt and learn is more important than ever. In a world where jobs are evolving rapidly, continuous education is key.
However, challenges remain. The study revealed proficiency gaps across age groups and education levels. Older adults, particularly those aged 55 to 65, scored lower in all three domains. This decline in literacy proficiency is a trend seen in many countries. It raises questions about the sustainability of skills over time.
In Singapore, younger adults aged 16 to 34 outperformed their older counterparts, scoring above the OECD average. This generational divide highlights the importance of lifelong learning. As the workforce ages, it becomes imperative to bridge these gaps.
The Ministry of Education and SkillsFuture Singapore are committed to supporting continuous education. Initiatives like the S$4,000 SkillsFuture credit top-up for Singaporeans aged 40 and above aim to encourage lifelong learning. The link between industry and skills development is vital. Employers play a crucial role in fostering a culture of learning within the workplace.
As the world grapples with deglobalization, the need for skilled workers becomes more pronounced. Countries must invest in their human capital to remain competitive. The ability to adapt to changing demands is essential for economic resilience.
In this landscape, the lessons from Singapore are instructive. The nation’s focus on upskilling and reskilling is a model for others. It underscores the importance of education in navigating the complexities of a deglobalized world.
As the tide of deglobalization rises, countries must not only protect their borders but also invest in their people. The future belongs to those who can learn, adapt, and thrive in an ever-changing environment.
In conclusion, the warnings from China and the successes in Singapore highlight a critical juncture for the global economy. The interplay between deglobalization and skills development will shape the future. Nations must choose wisely. Will they retreat into isolation or embrace the challenge of building a skilled workforce? The answer will determine their place in the world.
The ripple effect of these decisions will be felt far and wide. The stakes are high, and the time to act is now.
Li's speech came as leaders from major financial institutions gathered to discuss the state of the global economy. He painted a grim picture, noting that discriminatory trade measures have surged since 2020. The message was clear: the tide of deglobalization is rising, and it threatens to drown the fragile recovery of the world economy.
China is not alone in facing these challenges. The country is battling a prolonged debt crisis in its property sector and grappling with high youth unemployment. Recent data revealed a nationwide inflation rate of just 0.2 percent, signaling weak demand. As the U.S. prepares for a new administration under President-elect Donald Trump, who has promised to impose tariffs on China, the stakes are high.
Li's critique of "some countries" imposing high tariffs is a veiled reference to the U.S. He avoided naming Trump directly, but the message was unmistakable. The trade war initiated by Trump has left scars, and the prospect of escalating tariffs looms large. In response, China has unveiled measures to boost trade, including enhanced export credit insurance and financing support for foreign companies.
Meanwhile, in Southeast Asia, a different narrative is unfolding. Singapore recently celebrated an improvement in its adult literacy and numeracy rankings. The Programme for the International Assessment of Adult Competencies (PIAAC) revealed that Singaporeans are better equipped to acquire new skills. This is a beacon of hope amid the storm of deglobalization.
The PIAAC study assessed 5,000 Singaporean adults, focusing on literacy, numeracy, and adaptive problem-solving skills. The results show that Singaporeans are not just keeping pace; they are excelling. The adaptive problem-solving score of 252 matches the OECD average, highlighting the country's commitment to developing human capital.
While Singaporeans are not chasing rankings, the results suggest a collective improvement in skills. This is crucial as the global economy shifts. The ability to adapt and learn is more important than ever. In a world where jobs are evolving rapidly, continuous education is key.
However, challenges remain. The study revealed proficiency gaps across age groups and education levels. Older adults, particularly those aged 55 to 65, scored lower in all three domains. This decline in literacy proficiency is a trend seen in many countries. It raises questions about the sustainability of skills over time.
In Singapore, younger adults aged 16 to 34 outperformed their older counterparts, scoring above the OECD average. This generational divide highlights the importance of lifelong learning. As the workforce ages, it becomes imperative to bridge these gaps.
The Ministry of Education and SkillsFuture Singapore are committed to supporting continuous education. Initiatives like the S$4,000 SkillsFuture credit top-up for Singaporeans aged 40 and above aim to encourage lifelong learning. The link between industry and skills development is vital. Employers play a crucial role in fostering a culture of learning within the workplace.
As the world grapples with deglobalization, the need for skilled workers becomes more pronounced. Countries must invest in their human capital to remain competitive. The ability to adapt to changing demands is essential for economic resilience.
In this landscape, the lessons from Singapore are instructive. The nation’s focus on upskilling and reskilling is a model for others. It underscores the importance of education in navigating the complexities of a deglobalized world.
As the tide of deglobalization rises, countries must not only protect their borders but also invest in their people. The future belongs to those who can learn, adapt, and thrive in an ever-changing environment.
In conclusion, the warnings from China and the successes in Singapore highlight a critical juncture for the global economy. The interplay between deglobalization and skills development will shape the future. Nations must choose wisely. Will they retreat into isolation or embrace the challenge of building a skilled workforce? The answer will determine their place in the world.
The ripple effect of these decisions will be felt far and wide. The stakes are high, and the time to act is now.