Deputy Prime Minister Gan Kim Yong emphasized the need for Singapore to create new opportunities while leveraging on existing strengths to build resilience amid an increasingly fragmented world. He highlighted several ways that Singapore can sustain economic growth and stay globally competitive over the longer term, in line with the release of the Economic Strategy Review's (ESR) final recommendations.
Deputy Prime Minister Gan Kim Yong was the guest of honour at the Singapore Business Federation's Future Economy Conference. He emphasized the need for Singapore to create new opportunities while leveraging on existing strengths to build resilience amid an increasingly fragmented world.
DPM Gan highlighted several ways that Singapore can sustain economic growth and stay globally competitive over the longer term, in line with the release of the Economic Strategy Review's (ESR) final recommendations. The ESR was convened to replace the third workstream of the Singapore Economic Resilience Taskforce (SERT), aimed at developing longer-term strategies and responses to transform businesses and support the workforce.
The ESR's work is increasingly important as the conditions that shaped Singapore's success have shifted, with geopolitical tensions, the rise of AI, and the ongoing energy crisis as some major disruptions to the rules-based international order. The ESR's recommendations are grounded by three imperatives - sharpening Singapore's value proposition, enhancing our agility and adaptability, and building resilience alongside efficiency.
These aim to help Singapore chart a forward-looking blueprint to secure quality opportunities for local businesses and workers in a drastically changed environment. The ESR recommends that Singapore sharpens its value proposition by building hard-to-replicate advantages in existing areas of expertise, and takes 'calculated bets' in emerging areas to break new ground and grow new industries. Singapore also needs to strengthen its adaptability, especially as global uncertainty and developments in technology continue to disrupt the conditions underpinning Singapore's economic success.
Building resilience alongside efficiency is crucial, with roles in domestic-facing and essential sectors being highlighted as areas where Singapore cannot rely on AI. Strengthening local sea and air hubs, reinforcing Singapore's role as a reliable energy hub, and becoming a trusted financial hub are also key in building resilience. The three imperatives serve as guiding principles for eight thrusts that will drive the next bound of economic growth and workforce transformation as identified by the ESR
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