SINGAPORE, Feb 19 — Finance Minister Heng Swee Keat has urged Singaporeans to prepare for "three major shifts” in the coming decade, including a pivot in global economic weight towards Asia, emergence of new technologies and ageing.

Delivering the Budget statement today, the minister said there will be a shift in global economic weight towards Asia. Several advanced economies have turned their attention inward due to domestic pressure, while Asia is poised to play a bigger role in global trade and investment flows, he noted.

The emergence of new technologies, including robotics and digital technologies "are changing the way we live, work and play”, he said.

Singaporeans must also be prepared for the challenges of an ageing society, with significant increase in healthcare and social expenditure as well as a shrinking resident workforce, added Heng. — TODAY