The research paper produced by the Lee Kuan Yew School of Public Policy, Asian Competitive Institute (ACI), titled “Post-Pandemic Economic Shifts: A Comparative Study of Cost of Living and Purchasing Power in Major Asian Cities,” finds that Singapore experienced an increase in the cost of living, while Tokyo’s cost of living declined. Secondly, wage growth can counterbalance rising costs, as seen especially in the case of Singapore, with an upward tendency in purchasing power.
The price of essential goods and services has increased, and none of the cities is immune to inflation. The findings also point out that there is a growing trend of spending more on food and less on transportation due to remote work. This puts cosmopolitan life in a transition from a traditional model to a different one. The rise in food and fuel costs, along with the increase in remote work, is shaping the life of cosmopolitan residents.
The research paper provides recommendations for strengthening wage growth through skills upgrading and technological adoption. Secondly, it suggests government subsidies for vulnerable people and price stabilization for food and fuel. Regarding the development of supply chain resilience, the paper recommends diversifying import sources and promoting domestic products. In the new trend developed by remote work, there is an urgent need to address increased energy usage.
News Reported by: Saurav Raj Pant
