Singapore To Embark On Economic Strategy Review To Stay Globally Competitive

SINGAPORE, Aug 4 (Bernama) -- Singapore will undertake an Economic Strategy Review (ESR) aimed at strengthening the nation’s global competitiveness and economic relevance amid structural shifts such as geopolitical realignments and rapid technological disruptions.

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said the ESR will comprise five committees that will develop longer-term strategies in the areas of global competitiveness, technology and innovation, entrepreneurship, human capital and managing the impact of restructuring.

“This is something that is very important at this particular juncture for us to review our key economic strategy to determine what is the path forward for us given the changes in the environment,” he said at a press conference today.

Gan added that each committee will be co‑chaired by two political office‑holders, with participation from the private sector, unions and other relevant stakeholders. The committees will report to the Singapore Economic Resilience Taskforce (SERT), which he chairs.

SERT was established in April to help businesses and workers navigate uncertainties arising from US tariffs and other global developments.

“We hope to be able to provide an update of the work of the committees sometime early next year, together with some of the key recommendations, and hope to publish the final report by the middle of next year,” Gan added.

He noted that implementation timelines will vary depending on the nature of each recommendation. 

The ESR replaces the third workstream under SERT, which was previously tasked with developing longer‑term strategies and responses to support transformation of businesses and the workforce in the evolving economic landscape.

The ESR secretariat said in a statement that the ESR will chart a forward-looking economic blueprint with clear actions to secure good opportunities for businesses and workers. 

The ESR will engage widely with businesses, workers and relevant stakeholders to gather feedback and ideas over the next few months.

-- BERNAMA