Economy strategy review launched to keep SG globally competitive

Five committees were set up to develop long-term economic strategies.

The government of Singapore launched a new strategy with the goal of helping its economy continue thriving and remain relevant amidst structural shifts, including geopolitical realignments and technological disruptions.

“Even as we manage the immediate uncertainties, we must start planning for the longer-term to position our economy, our businesses and our workers so that they are able to adapt to the new economic landscape,” Deputy Prime Minister Gan Kim Yong said at the press conference on the launch of the economic strategy review (ESR).

According to Gan, the convening of an ESR is important to chart a forward-looking economic blueprint that will allow Singapore’s economy to stay globally competitive and secure good opportunities for Singapore’s businesses and workers.

The ESR will have five committees, each co-chaired by two government ministers and with members drawn from the private sector, unions, and other relevant stakeholders.

These committees are tasked to develop longer-term strategies in areas of global competitiveness, technology and innovation, entrepreneurship, human capital, and managing the impact of restructuring.

They are due to publish their recommendations by mid-2026.

Gan said that the ESR will build on past economic reviews that have laid strong foundations for Singapore’s growth and consider new ideas and approaches to sharpen its economic competitiveness, deepen its economic resilience, and secure its economic future.