Skip to main content

Self-Driving Buses and Robot Aides Could Double Singapore’s Growth Rate


Test drive of the nuTonomy driverless car in Singapore in Aug. 2016.    Photographer: Roslan Rahman/AFP via Getty Images
Start your day with what's moving markets in Asia. Sign up here to receive our newsletter.
The rise of the machines is coming.
In technology-proficient Singapore, their integration into the economy could help the domestic growth rate to almost double and significantly lift labor productivity, according to a report by consultancy Accenture.
It found that artificial intelligence, once fully adopted, might lift Singapore’s annual growth rate to 5.4 percent in 18 years. That would be the largest increase among 33 countries studied and would translate into an additional $215 billion in gross value added. Without AI, the economy is predicted to expand 3.2 percent.
Accenture, Frontier Economics
“As Singapore advances its smart nation vision, the adoption of AI will propel economic growth and potentially serve as a powerful remedy for stagnant productivity and labor shortages,” said Lee Joon Seong, Southeast Asia managing director of Accenture Analytics.
Machines would allow workers to use their time more  effectively and focus on innovation, according to the report. They would also allow countries to tackle problems presented by a shortage of workers due to an aging workforce, it said.
Singapore's drive to become a global high-tech hub has seen the government, agencies, and companies actively encourage the study and implementation of technology across industries. Current uses range from self-driving buses and taxis to robots assisting the elderly with exercise. Recently, the government has also begun to place greater emphasis on developing artificial intelligence and data analytic capabilities.
Accenture, Frontier Economics
Higher labor productivity and faster growth would slash the time needed to double the size of Singapore's economy: the report finds full absorption of AI could see the city-state's GDP double in just 13 years, compared with 22 estimated without AI.

Comments

Popular posts from this blog

Case-By-Case or Cease-and-Desist? In Search Of a New Approach to ICOs

That rumble you hear is the sound of regulators around the world mobilizing resources to tackle the pressing matter of token sales. Yet, in spite of the spectacular growth of blockchain token-based funding, no one seems to have a clear idea of what type of rules to introduce. The resulting uncertainty (not to mention ridicule) is left hindering progress as money flows to unviable projects and investors are left vulnerable to foul play – exactly what regulation is supposed to prevent. Perhaps a new approach is needed. But to see where this could go, it's worth stepping back and asking what we expect the regulation to do. Safety belt First, why do we need regulation, not just of finance, but of anything at all? To protect us. At its roots, that is the main role of government – to protect its citizens from avoidable harm and extreme loss brought about by others or from our own lack of common sense. When it comes to securities, that usually means stopping us from making poor decisions…

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan.

What is Electroneum?

Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine.
Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background.
It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins.
Being a cryptocurrency, Electroneum is created, held, and spent electronically, and has no phy…

Circle Is Building a Master Mobile Payments Network on Ethereum

Blockchain startup Circle has unveiled new software aimed at connecting the world's digital wallets. Known as 'CENTRE', the project seeks to create a way for digital wallets (like Venmo, Alipay or the startup's own Circle Pay) to communicate with one another. Put more simply, CENTRE as envisioned would let the companies behind those apps to transmit and settle funds between them. At its heart, the project targets the so-called "walled garden" issue, wherein different platforms – whether they be a social media site like Facebook or a payments app like Venmo – exist largely within their own ecosystems. Circle is aiming to build a bridge between them, betting that it would make for a more inclusive consumer payments environment. Circle released today a new white paper outlining the specifications and intended use for CENTRE, which notes that the project has grown since being established as an internal method for transacting in both cryptocurrencies and fiat cur…