Singapore: 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 announced the initiative, emphasizing the need for a strategic reassessment of the country’s economic pathways in response to changing global conditions.

According to BERNAMA News Agency, the ESR will be structured around five committees dedicated to developing long-term strategies in key areas: global competitiveness, technology and innovation, entrepreneurship, human capital, and managing the impact of restructuring. Gan highlighted the importance of this review at a press conference, noting the critical timing for reassessing economic strategies due to environmental changes.

Each committee within the ESR will be co-chaired by two political office-holders, bringing together insights from the private sector, unions, and other stakeholders. These committees are set to report to the Singapore Economic Resilience Taskforce (SERT), led by Gan himself. SERT, established in April, aims to guide businesses and workers through uncertainties from global developments like US tariffs.

Gan expressed hopes of presenting an update on the committees’ progress early next year, along with key recommendations, with a final report anticipated by mid-year. He mentioned that the timelines for implementing recommendations will vary based on their nature.

The ESR initiative takes over from the third workstream under SERT, previously focused on developing strategies for business and workforce transformation in the evolving economic landscape. The ESR secretariat stated that the review will formulate a forward-looking economic blueprint with clear actions to secure promising opportunities for businesses and workers.

In the coming months, the ESR will engage extensively with businesses, workers, and relevant stakeholders to gather feedback and ideas, ensuring a comprehensive and inclusive approach to shaping Singapore’s economic future.