This brings us to the second part of our event today – the launch of one of ICLIF’s research studies which has been written by Mr. Rajeev Peshwaria, the CEO of ICLIF, published globally as a book entitled “Too Many Bosses, Too Few Leaders” by Simon Schuster of New York. The book illuminates on what it really takes to be an effective leader. The book extends beyond the advice on the distinct behaviors and attributes required of leaders to providing “a clear path”, “a road map” to achieving leadership excellence at every level in the organisation. In my own experience, the core foundations to achieve superior performance set out in the book is essential. Defining with great clarity the purpose and values of the organisation and articulating it throughout the entire organisation is key towards achieving these desired results. Then, it is sustaining the high level of energy and talent at all levels of the organisation is what will ignite the motivation to achieve the breakthroughs – that will achieve the ground breaking results – that will bring the organisation to the frontier of the business. Energy is the one thing you need heaps of in order to lead. Such energy to stay on course despite the most formidable of obstacles needs to be sustained. Not only must you find your own sources of energy, but you also have to energise others around you. The book discusses how to find that personal energy and how to energise others in an intrinsic way.
They are also used as animal feed – which means higher prices for meat and poultry. As rice is substituted for wheat, rice prices have also begun to increase. The disruption of commodity supplies is adding to cost pressures across a range of industrial activities. The Russia-Ukraine conflict has affected the supply of palladium and neon – two elements that are crucial inputs used in semiconductor production. This has raised chip prices which is in turn feeding through into the prices of products ranging from smartphones to refrigerators to automobiles. In short, the Russia-Ukraine war has sharply worsened the outlook for global inflation. The conflict is likely to be prolonged and thereby continue to impart an upward impulse to global food, energy, and commodity prices. This will in turn feed into global consumer price inflation in the months ahead. The inflation story in Singapore is not too different from the global story. As in the major economies, inflation in Singapore started edging up towards the end of last year on the back of a strong recovery in demand. The Singapore economy grew by a robust 7.6% in 2021 and the labour market returned to full employment. Core inflation edged up progressively over the course of last year, from 0.2% in Q1 to 1.7% in Q4, as spare capacity was absorbed. The growth momentum has slowed this year but the economy remains on track to come in within the lower half of the 3-5% GDP growth forecast.