Singapore Reviewing Economic Strategy Amid Global Shifts
Singapore is conducting an economic strategy review to ensure the country stays competitive amid mounting global uncertainty, including tariffs, geopolitical tensions, and rapid technological change.
The review would create a long-term blueprint to strengthen competitiveness, support innovation, and secure opportunities for businesses and workers.
Five Focus Areas for Growth
There will be five committees, and two political office-holders will lead each one. These committees will focus on assessing Singapore’s position in international trade, artificial intelligence and digital tools. The goal is to stimulate economic growth while further strengthening the start-up ecosystem and upskilling workers. Other priorities include supporting career mobility and managing the impact of global shifts on companies and employees.
Each group includes representatives from business, unions, and the private sector. The structure combines experienced ministers with newly elected MPs. This will bring both continuity and fresh perspectives to the economic strategy review. This will replace the Singapore Economic Resilience Taskforce (SERT)’s original long-term planning workstream, reflecting the need for a broader approach in light of unpredictable tariff changes.
Opportunities Still Available Despite Challenges
The economic strategy review will assess the relevance of current policies, identify areas where adjustments are necessary, and explore how Singapore can continue to attract investment and create quality jobs. Building on previous efforts such as the Committee on the Future Economy and the Emerging Stronger Taskforce, the review aims not to discard past strategies but to adapt them to today’s rapidly changing environment, to protect livelihoods, keep Singapore resilient, and ensure our economy remains globally competitive.
