Beneath the overlay of cyclical developments, new areas were also identified for special in-depth studies, particularly of longer-term structural factors and trends that would impact Singapore. For instance, the export slump raised concerns of Singapore’s competitive position in Asia, especially with the emergence of China as a formidable competitor and important market. In this context, ED embarked on a joint project with International Enterprise Singapore and the National University of Singapore, using the shift share analysis to examine Singapore’s competitiveness relative to the other Asian economies. In-depth studies were conducted on current issues such as deflation in Japan, and the rising challenges posed by China. In addition to these projects, MAS has been engaged in increased consultation and joint projects with other ministries and statutory boards on various longer-term structural issues, including a joint study with the Ministry of National Development and the Urban Redevelopment Authority on assessing policies in the property market, as well as medium-term simulations on the impact of tax policy changes on the government’s budget position.
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