Singapore, Aug 4 (IANS) Singapore announced on Monday a comprehensive review of its long-term economic strategy, forming a high-level group comprising five specialised committees, to strengthen the country’s economic relevance amid global structural shifts such as geopolitical realignments and technological disruption, which continue to reshape the global economy and regional dynamics.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong unveiled the initiative, dubbed the Economic Strategy Review, saying that it will build upon insights from past economic reviews while embracing new ideas and approaches, Xinhua news agency reported.
He noted that Singapore must stay agile, forward-looking, and inclusive to continue thriving in an increasingly complex world.
The review will involve extensive consultations with businesses, workers, and other key stakeholders in the coming months. Government agencies, trade associations, and civil society groups are also expected to participate actively. The five committees are expected to release a report with their recommendations by mid-2026, offering a strategic blueprint for long-term resilience and growth.
This initiative is also part of the broader Singapore Economic Resilience Taskforce, chaired by Gan and established in April to help businesses and workers adapt to emerging uncertainties arising from US tariffs. The taskforce aims to anticipate global risks while equipping the local economy with tools for transformation.
The committees will focus on five key strategic areas. These include strengthening Singapore’s global competitiveness by refreshing its comparative advantages, and harnessing technology and innovation to drive broad-based growth and capture emerging opportunities in digital, green, and advanced manufacturing sectors.
At the same time, the review will explore ways to foster a vibrant entrepreneurial ecosystem that supports start-ups from inception to scale, and to enhance the nation’s human capital so that Singaporeans are well-equipped to access quality jobs in the future economy.
Equally critical is the need to manage the impact of economic restructuring, ensuring that all can benefit from the country’s future progress and that no group is left behind.
—IANS
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