S'pore's efforts to transform economy have grown the pie for all: DPM Heng

He says nation must stay competitive and be prepared for a future of constant change

- Kang Wan Chern

Eight years ago, Singapore launched a programme to restructure its economy and ensure it remains competitive and fit for an uncertain future.

The restructuring process, which included sharpening the long-term survival instincts of local workers and businesses, involved tailored transformation plans for 23 industries, and covered 80 per cent of the economy.

While those efforts have grown the overall economic pie for Singaporeans, technological advances and job uncertainties, climate change and geopolitical shifts will continue to have major implications for the country and its future, said Deputy Prime Minister Heng Swee Keat.

In that light, the country must be prepared for a future of continued change, he said.

Between 2016 and 2023, the Singapore economy achieved real, or inflation-adjusted, value-added growth of 2.8 per cent a year, while labour productivity grew by 2.1 per cent a year over the same period, DPM Heng said.

“On both value-added growth and labour productivity, Singapore performed better in the past seven years than many other advanced economies of comparable population size,” he added.

This has had a tangible impact on people’s lives and livelihoods, with the median income of full-time Singapore residents growing by 1.5 per cent a year between 2016 and 2023.