Singapore (VNA) – Committees tasked with conducting Singapore’s Economic Strategy Review (ESR) are urging the Government to take calculated risks and pilot new ideas to protect growth and employment as protectionism and rapid technological change continue to reshape the global economy.
The proposals were unveiled at a recent media briefing chaired by Deputy Prime Minister Gan Kim Yong, Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow, and Acting Minister for Culture, Community and Youth and Senior Minister of State for Education David Neo.
The ministers noted that the global economy is going through a fundamental change where the open trade and investment rules that Singapore has benefited from are giving way to a world shaped by rivalry between major powers, security concerns and national interests.
Meanwhile, businesses and jobs are being disrupted by rapid technological advancements and climate change. In addition, Singapore’s ageing population and falling birth rate mean the city state will have to contend with slower workforce growth.
The five ESR committees have submitted a midterm update of their work with seven recommendations. These included proposals on sustaining economic growth at the higher end of the 2% to 3% average over the next 10 years, as well as suggestions on creating good jobs for Singaporeans and preparing them to take advantage of artificial intelligence (AI).
Deputy Prime Minister Gan said ESR proposals are mid- to long-term in nature and help the Government in planning an economic strategy that allows Singapore to embrace change while remaining competitive and relevant globally. At the same time, they are aimed at making sure economic progress is inclusive and continues to create good jobs.
ESR committees developed seven recommendations after consulting businesses and workers in over 60 engagements, events and company visits. The proposals will be finalised by the middle of 2026. The Government will respond to some of these recommendations during Budget 2026 and when it is debated./.
