Happy New Year

30 Dec'23

I visited Kuala Lumpur with my wife and a group of friends over the Christmas weekend. It was mainly for rest and recreation (R&R). Well, it had also provided me with enough time to engage in another R, reflection.

It's almost the end of the year. The streets of Bukit Bintang were awashed with people of all ages revelling, shopping and dining. People come together to have fun and celebrate the year-end festive season.

Two themes keep recurring in my mind for 2023; rising costs of living and the rising prevalence of Artificial Intelligence (AI).

Rising cost of living

The evident increase in the cost of living became particularly noticeable during the KL trip. Expenses were high in Kuala Lumpur. For example, a meal at an upscale cafe could easily cost around 30 Malaysian Ringgit (RM) while a plate of chicken rice in a coffee shop costs around RM 6.50. This is considered expensive in Malaysia, a country with a GDP per capita of USD 13.03 thousand ~ SGD 17 thousand (IMF World Economic Outlook, 2023). When converted, the RM 30 meal is less than SGD 10, making it relatively affordable in Singapore. Unfortunately, dining at a restaurant or cafe in Singapore typically exceeds SGD 10. In fact, nearly everything in Singapore tends to be more costly than in neighboring Malaysia, even for the exact same product.

Therefore, the escalating cost of living impacts both countries in the examples mentioned. It is safe to assume that most parts of the world have been affected by rising costs. I am no economist but I guess these might be attributed to long periods of low interest rate globally and global instability such as wars which affected supplies and the supply chain.

Rising prevalence of AI

The standout headline of the year undoubtedly revolved around AI, triggered by the introduction of ChatGPT. Subsequently, we have encountered various associated terms such as generative AI, Large-Language Models, and machine learning almost on a daily basis. Countless articles have explored the merits and ethical considerations arising from the rapid advancements in AI. Specifically, generative AI holds the capacity to significantly enhance an individual's productivity, accomplishing tasks in a fraction of the time typically required. For instance, a writer can effortlessly compose an article by leveraging generative AI. The writer merely needs to review the generated content for accuracy and style. Likewise, programmers can easily deploy algorithms or acquire code snippets. It's important to note that ChatGPT was introduced just about a year ago, and we have only begun to explore the tip of the iceberg in uncovering its full potential. As AI handles more job-related tasks with ease, it is inevitable that some of the current jobs today will disappear or be redesigned.

Well, this article is not to lament on the two themes discussed above. In that case, how are we to make sense of them in the upcoming year? Another two themes (maybe adage is the more appropriate word) come to mind; Life is short and change is the only constant. As cliche as they may sound, they are true.

During my short trip to Kuala Lumpur, I took the chance to visit my hometown, Klang, on one of the days. It held fond memories of my childhood spent with my family and the experiences in my early school days. It is quite a different place now from the last time I visited it, with the old blending into the new. The trip dawned on me the truth of the adages. Nothing remains constant except change. We experience this in all aspects, whether we realise it or not.

So, as we head into the new year, let's cultivate gratitude for the abundance in our lives. Dedicate precious moments to cherish the company of loved ones and friends, and gracefully accept the transient nature of life. Happy 2024!