SINGAPORE, Aug. 4 (Xinhua) -- Singapore announced on Monday a comprehensive review of its long-term economic strategy, forming a high-level group comprising five specialized committees, to strengthen the country's economic relevance amid global structural shifts such as geopolitical realignments and technological disruption.
Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong unveiled the initiative, dubbed the Economic Strategy Review, saying that it will build upon insights from past economic reviews while embracing new ideas and approaches.
The review will involve extensive consultations with businesses, workers, and other key stakeholders in the coming months. The five committees are expected to release a report with their recommendations by mid-2026.
This initiative is also part of the broader Singapore Economic Resilience Taskforce, chaired by Gan and established in April to help businesses and workers adapt to emerging uncertainties arising from U.S. tariffs.
The committees will focus on five key strategic areas. These include strengthening Singapore's global competitiveness by refreshing its comparative advantages, and harnessing technology and innovation to drive broad-based growth and capture emerging opportunities.
At the same time, the review will explore ways to foster a vibrant entrepreneurial ecosystem that supports start-ups from inception to scale, and to enhance the nation's human capital so that Singaporeans are well-equipped to access quality jobs.
Equally critical is the need to manage the impact of economic restructuring, ensuring that all can benefit from the country's future progress. ■