Singapore faced geopolitical, structural, and domestic challenges in 2023. Economic growth was slow, and scandals rocked the political landscape.
Singapore’s Global Challenges in 2023
Singapore, a small independent island nation, is heavily dependent on inflows and outflows of investments, trade in goods, services, food, and energy. The year 2023 saw the impact of geopolitical tensions and economic fallout due to global protectionism and inflationary fears on the country.
Impact on Economy and Society
The year 2023 saw a dismal GDP growth, declining exports, and higher prices for imported goods and services. Despite these challenges, Singapore has maintained its financial reserves and implemented measures to mitigate the impact of climate change. However, the country also grappled with domestic scandals and challenges to social cohesion.
Political Developments
The political landscape in…
