- Economic Strategy Review to guide Singapore’s resilience and growth by mid-2026.
- Focus on technology, innovation, and global competitiveness across five key sectors.
- Taskforce aims for inclusive economic progress, supporting businesses and the workforce.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong revealed the project "Economic Strategy Review", stating it will enhance insights from previous economic reviews and develop new ideas and approaches, as reported by Xinhua news agency.
Mr Gan said Singapore will need to be flexible, forward-looking and inclusive to flourish in an increasingly complicated world.
It is expected that the assessment will include a series of deep consultations with companies, workers and other influential stakeholders in the coming months. While government agencies, industry organizations and community groups are also likely to participate in this process actively. The five committees hope to complete a report with their recommendations by mid-2026, which will outline a strategic vision for longer-term resilience and growth.
This effort is also a component of the wider Singapore Economic Resilience Taskforce, led by Gan and created in April to assist businesses and employees in adjusting to new uncertainties resulting from US tariffs. The task force seeks to foresee global threats while providing the local economy with resources for change.
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The committees will concentrate on five main strategic sectors. This involves enhancing Singapore's international competitiveness by revitalizing its comparative strengths and leveraging technology and innovation to promote widespread growth and seize new opportunities in digital, green, and advanced manufacturing industries.
Simultaneously, the assessment will investigate methods to cultivate a dynamic entrepreneurial environment that aids start-ups from their beginnings to expansion, as well as to improve the nation's human capital so that Singaporeans are prepared to secure quality employment in the future economy.
Equally important is the necessity to handle the effects of economic restructuring, guaranteeing that everyone can gain from the nation's forthcoming advancement and that no segment is excluded.