Singapore's Economic Strategy Review committee co-chair Jeffrey Siow emphasized the need for the nation to continue adapting to a changing world, especially as global uncertainty intensifies. He noted that Singapore's core strengths remain relevant in a more protectionist global economy, citing trust, connectivity, openness to talent and capital as key factors.
Singapore's Economic Strategy Review committee co-chair Jeffrey Siow emphasized the need for the nation to continue adapting to a changing world, especially as global uncertainty intensifies.
He noted that Singapore's core strengths remain relevant in a more protectionist global economy, citing trust, connectivity, openness to talent and capital as key factors. The committee's 32 recommendations focus on emerging growth areas such as artificial intelligence, with the goal of positioning Singapore for long-term growth in a more fragmented and fast-changing world. The government has already signaled ambitions to become a leading AI hub, with investments in AI infrastructure and adoption across sectors.
The Economic Strategy Review also called for Singapore to position itself as a preferred base for companies to develop, test and scale AI solutions. Siow pointed to industries such as finance, pharmaceuticals and semiconductors as examples of previous 'bold bets' that eventually became pillars of Singapore's economy. He stressed that economic growth itself is not the ultimate goal, but rather to create good jobs for Singaporeans.
The committee's recommendations also highlighted the need to help workers adapt to AI-driven changes and ensure the benefits of technology are shared broadly. Siow acknowledged the difficult trade-offs involved in adopting AI rapidly while ensuring safeguards remain in place. He emphasized the importance of agility and the ability to pivot in deciding when to stop backing a particular industry or technology. Siow cited coding as an example of how fast-moving technology trends can evolve unexpectedly with the rise of AI.
He noted that while some bets may not succeed, the investments are worth making as they build on Singapore's existing capabilities and create opportunities for young Singaporeans
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