How is Singapore launching an Economic Strategy Review to navigate global shifts?
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Synopsis
In a bold move to secure its economic future, Singapore has unveiled an extensive Economic Strategy Review. This initiative, led by a high-level team of experts, aims to address the challenges posed by global shifts, ensuring that no one is left behind as the nation adapts to a rapidly changing world.
Key Takeaways
- Economic Strategy Review initiated to enhance long-term economic resilience.
- Five specialized committees established for diverse stakeholder consultations.
- Focus on global competitiveness, innovation, and entrepreneurship.
- Recommendations expected by mid-2026.
- Emphasis on inclusivity and managing economic restructuring impacts.
Singapore, Aug 4 (NationPress) On Monday, Singapore initiated a thorough examination of its long-term economic strategy by establishing a high-level group consisting of five specialized committees. This initiative aims to enhance the nation's economic relevance in light of significant global structural changes, including geopolitical realignments and technological disruptions that continue to redefine the global economy and regional dynamics.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong introduced this initiative, known as the Economic Strategy Review, indicating that it will leverage insights from previous economic assessments while welcoming innovative ideas and methodologies, as reported by Xinhua.
Gan emphasized that Singapore must remain agile, future-oriented, and inclusive to prosper in an increasingly intricate world.
The review will involve extensive discussions with businesses, workers, and other crucial stakeholders over the coming months. Government bodies, trade associations, and civil society organizations are also anticipated to contribute significantly. The five committees are expected to publish a report containing their recommendations by mid-2026, which will provide a strategic framework for long-term resilience and growth.
This initiative is part of the larger Singapore Economic Resilience Taskforce, which Gan chairs and was established in April to assist businesses and workers in adapting to new uncertainties stemming from US tariffs. The taskforce's goal is to foresee global risks while empowering the local economy with the necessary tools for transformation.
The committees will concentrate on five essential strategic areas. These areas include enhancing Singapore’s global competitiveness by revitalizing its comparative advantages and leveraging technology and innovation to promote widespread growth and seize emerging opportunities in the digital, green, and advanced manufacturing sectors.
Furthermore, the review will investigate methods to cultivate a dynamic entrepreneurial ecosystem that supports start-ups from conception to scaling, as well as to improve the nation’s human capital to ensure Singaporeans are well-prepared for quality jobs in the future economy.
Equally important is the need to manage the repercussions of economic restructuring, ensuring that all segments of society can benefit from the nation's future advancements and that no group is disadvantaged.
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Point of View
Singapore's proactive approach through the Economic Strategy Review reflects a necessary commitment to economic resilience. This initiative underscores the importance of inclusivity and forward-thinking strategies, ensuring that all citizens can thrive in the evolving landscape. As a national publication, we stand united with Singapore in its quest for sustainable growth and development.
NationPress
08/10/2025
Frequently Asked Questions
What is the purpose of the Economic Strategy Review?
The Economic Strategy Review aims to strengthen Singapore's economic relevance amid global shifts, focusing on agility, inclusivity, and long-term resilience.
Who announced the Economic Strategy Review?
The initiative was announced by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong.
When will the committees release their recommendations?
The five committees are expected to release their recommendations by mid-2026.
What areas will the committees focus on?
The committees will focus on enhancing global competitiveness, fostering an entrepreneurial ecosystem, and improving human capital.
How will stakeholders be involved in the review?
Extensive consultations will be held with businesses, workers, and key stakeholders, including government agencies and civil society groups.
