[SINGAPORE] The Republic is carrying out an economic strategy review (ESR) to look at its longer-term strategies, given the significant challenges brought by a new regime of US tariffs as well as the fraying multilateral trading system.
Announcing this on Monday (Aug 4), Deputy Prime Minister Gan Kim Yong said that the review will replace one of the work streams of the Singapore Economic Resilience Taskforce (Sert) that he chairs – one that looks at developing longer-term strategies to help businesses and the workforce “seize opportunities in the new economic landscape”.
“Even as we work on the longer-term plans, we also realise it’s going to be very complex given the fast-evolving global landscape,” he said at a media briefing.
“With the tariffs changing from month to month, sometimes from day to day, it’s important for us to take a comprehensive review and not rush into a conclusion of what we should do in the longer term,” he added.
Asked about the work of similar economic review committees in the past and whether those recommendations are still relevant, DPM Gan said the challenges in each period are very different.
“Given the new regime of tariff structure, we are going to face challenges (to) the rules-based multilateral trading system, which is quite fundamental, since this is a system we have relied on for decades to conduct our trade and to allow our economy to develop and grow.”
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He added that while tariffs on a majority of countries have been announced, two key economies – India and China – are still in negotiation.
“There are a lot of unknowns going forward, but, at the same time, while these are challenges, there are also opportunities and possibilities. Therefore it’s important for us to take a fresh look at our strategy.”
Fresh perspectives
The ESR comprises five committees, each co-chaired by two political officeholders and comprising members from the private sector, academia and unions. In all, seven of the 10 co-chairs are first-time political officeholders.
They will look into five areas: strengthening Singapore’s global competitiveness; leveraging technology and innovation; nurturing entrepreneurship; enhancing human capital; and managing the impact of restructuring.
The committees plan to “engage widely” over the next few months and report their findings to Sert, with a report outlining their recommendations slated for mid-2026.
These recommendations will then be submitted to the government for consideration “at the right time”, said DPM Gan.
Explaining the composition of the ESR, DPM Gan said that the younger political officeholders would be looking at the issues from a different angle and would provide fresh ideas and recommendations, while Sert is composed of experienced ministers.
“The idea is to have a balance of both the experienced ones as well as the younger ones,” he noted.
Committee No 1, which looks at global competitiveness, will be chaired by Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow and Senior Minister of State for Trade and Industry and Culture, Community and Youth Low Yen Ling.
Committee No 2, which focuses on technology and innovation, will be chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan.
The third committee on entrepreneurship is chaired by Minister of State for Trade and Industry and National Development Alvin Tan and Minister of State for Culture, Community and Youth and Manpower Dinesh Vasu Dash.
The fourth committee on human capital is chaired by Acting Minister for Culture, Community and Youth and Senior Minister of State for Education David Neo and Senior Minister of State for Manpower and Health Koh Poh Koon.
Committee No 5, which looks into managing the impact of restructuring, is chaired by Minister of State for Home Affairs and Social and Family Development Goh Pei Ming and Minister of State for Defence and deputy secretary-general of the National Trades Union Congress Desmond Choo.
