The pandemic is proving to be the ultimate test for Singapore, the tiny city-state that has a reputation for reinventing itself during times of crises. Dismissed in the past as just a "little red dot" on the map, dwarfed by larger neighbors like Malaysia and Indonesia, and with no natural resources to speak of, Singapore has nonetheless transformed itself into one of the richest and most competitive economies in the world. As Singapore's leaders now grapple with what's turning out to be its worst slump since independence in 1965, the ruling party is looking to extend its mandate in Friday's election to help reinvent the economy once again. They're already positioning for a post-COVID-19 world with planned investment in health and biomedical sciences, climate change and artificial intelligence. Crises have been a catalyst for change in the past.

A report from CREATE in collaboration with BNY Mellon looks at two related megatrends in investing--climate change and artificial intelligence. It asks in each case: how is this trend perceived in terms of opportunities and risks? What are the specific investment issues involved or solutions likely to be adopted? And how are the asset allocation approaches changing? Professor Amin Rajan wrote the report, titled "Future 2024," and based it largely on interviews with senior asset allocators from around the world.