Speaking at the SBF Future Economy Conference event at Sands Expo and Convention Centre on May 13, Deputy Prime Minister Gan Kim Yong said Singapore must also be prepared for career transitions to be more common. ST PHOTO: KEVIN LIM
Singapore has set out a strategic road map to position the country to stay competitive, create good jobs and remain relevant in the near and longer term, amid a turbulent global environment.
The committee reviewing Singapore’s economic strategies has recommended that it sharpen its edge in areas that can create the most value for others, including establishing the country as a trusted hub where AI solutions are developed, tested and deployed.
The country also needs to be more agile and adaptable to the rapid pace of change. This includes helping its workers transition to new jobs or reskill in their current ones.
While doing these, Singapore also has to build resilience into its system and ensure that it has the links and capabilities to withstand shocks and bounce back.
These are the three key guiding principles for Singapore to restructure its economy as set out by the Economic Strategy Review (ESR), which is led by a team of 10 political office-holders.
They were tasked in August 2025 to chart a road map for the next five to 10 years amid a new global environment more uncertain and fragmented than before.
The ESR is not just a response to immediate challenges, Deputy Prime Minister Gan Kim Yong said on May 13 as he outlined the committee’s recommendations.
“It is about how Singapore positions itself for the longer term, to stay competitive, create good jobs and remain relevant in a more fragmented, contested and fast-changing world,” he said.
DPM Gan noted that Singapore has thrived by making itself useful to others as a trusted, connected and reliable partner, but the conditions that have shaped this success have since shifted.