‘Era of untrammelled globalisation over last 30 years is over’

During his keynote speech at the Wharton School of Business World Forum 2023 in Singapore yesterday, deputy prime minister, and minister of finance Lawrence Wong warned that “the era of untrammelled globalisation we enjoyed over the last 30 years is over.”

The event, held at the Shangri-La Hotel in Singapore, is the first in-person World Forum since the pandemic, and only the second to be held in Singapore since 2005. The event brought together 800 of the Wharton Business Schools alumni and business leaders to explore the most critical issues facing businesses in Singapore and around the world. 

Wong cited that more and more multinational businesses are looking to move production back home or to relocate to markets where they are less likely to get caught in geostrategic crossfires and predicted the coming decades will be defined by the evolving US-China relations.

“It is good that the leaders of both the US and China have met recently and affirmed their intent to engage one another,” said Wong. “Both countries say they do not want a new Cold War, and that they want to establish guard-rails to ensure competition does not escalate into full-blown conflict. But there remains much to be done.”

“In this emerging multipolar world, we must develop frameworks that will enable countries to do business with each other, even if they do not always see eye to eye on all issues. And if we can forge stronger partnerships between the major powers and all countries in the region, we can help foster a more stable and prosperous Asia and indeed a more stable and prosperous world.

‘Urgency’ to problems

Wharton Dean, Erika James opened the event, saying during her speech, “Today, we face problems at a scale and level of urgency previously unseen.”

“We are wrestling with the impact of climate change, causing the issue of our planet’s future to loom large in our minds. Our now highly connected lives mean we live surrounded by information – though not always of a truthful and unbiased nature. Coupled with the growing influence of social and digital media, we find ourselves thinking differently about accountability and governance. And we cannot forget that the COVID-19 pandemic opened many of our eyes to the very present danger of isolation, work-life balance, and mental health in ways we dared not consider before.

James is the first female of colour to hold the position at Wharton is a self-proclaimed believer in the power of convening. "There is greatness that comes from marrying our many ideas and innovations in pursuit of a common purpose. The potential energy of a big idea can be released by collective thinking and joined action.”

To thrive and prosper, Singapore will do its best to stay relevant and add value in the global network as a key node for trade, finance, talent and ideas. “We will continue to build a vast network of friends to promote peace and stability in our region, and, most of all, to preserve our sovereignty and right to determine our own future,” said Wong.