S'pore launches economic strategy review to stay ahead of global shifts

Committees to develop longer-term plans in five areas including global competitiveness

- Goh Yan Han

Singapore will carry out a fresh review of its economic strategy, with committees formed to develop longer-term plans in five areas that include strengthening the country's global competitiveness and improving its start-up ecosystem.

Deputy Prime Minister Gan Kim Yong, who announced the review on Aug 4, said it will "chart an economic blueprint that will enable us to stay globally competitive over the longer term, and, in doing so, secure good opportunities for Singapore and Singaporeans".

He noted that the country faces a very challenging and uncertain future, as it deals with tariffs imposed by the US and the uncertainty that these levies have created in the global economic landscape.

In this complex and fast-evolving landscape, it is important to do a comprehensive review of the Republic's economic strategy, said DPM Gan, who is also Minister for Trade and Industry and chair of the Singapore Economic Resilience Taskforce (SERT).

The task force was formed earlier in 2025 in the face of tariff-driven uncertainty that added to the economic impact of geopolitical tensions and technological disruptions. It has three work streams on regular communication about latest developments over tariffs, identifying immediate challenges faced by businesses and workers and reviewing existing measures, and looking at longer-term strategies.

The review replaces the third work stream on longer-term strategies, said DPM Gan at an hour-long press conference held at The Treasury.

The five committees — each headed by two political office-holders — will engage businesses, workers and other stakeholders to gather feedback and ideas in the coming months.

"Hopefully by early next year, we will be able to give an update together with a list of key recommendations," DPM Gan said.

He added that the committees, which report to the task force, will publish a final report with their recommendations by mid-2026.