DPM Gan launches Economic Strategy Review to chart new economic blueprint for Singapore amidst global uncertainties

The ESR will replace the third workstream under the Singapore Economic Resilience Taskforce and will comprise five committees to develop longer-term strategies in global competitiveness, entrepreneurship, human capital, and more.

Deputy Prime Minister (DPM) and Chairman of the Singapore Economic Resilience Taskforce (SERT) Gan Kim Yong announced that the Government will be embarking on an Economic Strategy Review (ESR), "to 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." 

The ESR will replace the third workstream under SERT, which is meant to review Singapore's longer-term strategies. The first two comprised of information sharing and planning for the immediate term response to the impact of the tariff developments.

The ESR will comprise five committees, each co-chaired by two Political Office Holders (POHs) with relevant members drawn from the private sector, unions and other relevant stakeholders. The five Committees will develop longer-term strategies in the following areas:

Commitee on global competitiveness 

The Committee on Global Competitiveness seeks to strengthen Singapore’s economic standing and relevance to the world by

• Improving Singapore’s long-term value proposition for global investments and to seize growth opportunities,
• Growing a strong base of Singapore firms anchored in Singapore and with a global/regional footprint, and
• Securing Singapore’s future as a hub of existing and new flows, including of goods, capital, people, data, and energy.

DPM Gan shared: "Amidst a more protectionist and competitive landscape, we must strengthen our value proposition to continue to attract and anchor new investments.

"We must also encourage and support our companies to grow and expand into our region. This will also allow our companies to capture new opportunities amidst the reshuffling of production and supply chains.

"And to do both well, we must reinforce Singapore’s competitive positioning as a key hub for trade and investment and remain relevant to the global economy."

The Committee co-chairs are as follows: 

Jeffrey Siow	Acting Minister, Ministry of Transport Senior Minister of State, Ministry of Finance
Low Yen Ling	Senior Minister of State, Ministry of Trade & Industry Senior Minister of State, Ministry of Culture, Community & Youth

Committee on technology and innovation

The Committee on Technology and Innovation seeks to harness technology and innovation to drive economic growth and competitiveness for Singapore. It will focus on:

• Catalysing new economic opportunities, enabled by technologies such as AI,
• Driving innovation through leading firms and talent, and
• Accelerating AI transformation across the economy, and spurring enterprises to adopt AI to harness new opportunities.

"We must harness new engines of growth and innovation in the future economy. We want to develop, deploy and diffuse new technologies and innovation, including AI, across the whole of our economy," said DPM Gan.

The Committee co-chairs are as follows: 

Jasmin Lau	Minister of State, Ministry of Digital Development & Information Minister of State, Ministry of Education
Goh Hanyan	Senior Parliamentary Secretary, Ministry of Culture, Community & Youth Senior Parliamentary Secretary, Ministry of Sustainability and the Environment

Committee on entrepreneurship

The Committee on Entrepreneurship seeks to strengthen Singapore’s ecosystem for startups and entrepreneurship, to support entrepreneurial aspirations and contribute to an innovation-driven economy. Specifically, the Committee will put forth recommendations to:

• Enhance the competitiveness and attractiveness of our startup ecosystem; and
• Grow the Singapore core for entrepreneurship.

"We want to deepen our ecosystem for entrepreneurs and start-ups. We have made good progress in positioning Singapore as a leading start-up hub in Asia, by building a conducive ecosystem for entrepreneurs to grow their businesses here.

"We want to not only attract global founders to set up new businesses in Singapore, but also nurture our own entrepreneurs," the DPM added. 

The Committee co-chairs are as follows: 

Alvin Tan	Minister of State, Ministry of Trade & Industry  Minister of State, Ministry of National Development
Dinesh Vasu Dash	Minister of State, Ministry of Culture, Community & Youth Minister of State, Ministry of Manpower

Committee on human capital

The Committee on Human Capital will focus on empowering workers with relevant skills, enabling career mobility and resilience, and equipping workers for future trends such as AI disruption and the green economy.

"We must prepare our workers and enterprises to be ready for the shifts in the global economic landscape. We must ensure that our workers can access opportunities in the future economy.

"This will require us to empower them with the relevant skills needed for the future. This will also ensure that we have a skilled workforce for Singapore to stay globally competitive."

The Committee co-chairs are as follows: 

David Neo	Acting Minister, Ministry of Culture, Community & Youth Senior Minister of State, Ministry of Education
Koh Poh Koo	Senior Minister of State, Ministry of Manpower Senior Minister of State, Ministry of Health

Committee on restructuring

The Committee on Managing Impact of Restructuring will explore recommendations to manage the impact of restructuring by:

• Supporting firms to transform and innovate so that they can capture new opportunities in the restructured economy,
• Supporting workers affected by restructuring to move into new job roles with better prospects, and
• Strengthening system-level enablers and safety nets to help displaced workers bounce back into employment.

"Our enterprises will need to adapt to the shifts in our economy; some companies, especially those in less productive sectors, may need help to restructure and transform.

"This Committee will also support workers at risk of being disrupted, so as to help them manage the transition and find new opportunities for employment," DPM Gan shared. 

The Committee co-chairs are as follows: 

Goh Pei Ming	Minister of State, Ministry of Home Affairs Minister of State, Ministry of Social & Family Development
Desmond Choo	Minister of State, Ministry of Defence Deputy Secretary-General, National Trades Union Congress

The ESR will be a tripartite effort. These Committees will also engage widely with businesses, workers and other key stakeholders, to tap on their collective wisdom and ensure that our strategy is relevant and effective."

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At the press conference to announce the launch of this review, DPM Gan said that the ESR will build on past economic reviews that have laid strong foundations for Singapore’s growth and consider new ideas and approaches to sharpen our economic competitiveness, deepen our economic resilience, and secure our economic future.

"As you know, we are facing a very challenging and uncertain future because of the tariffs being introduced by the US. It is not just because of the impact of the tariff directly, but because it has created a lot of uncertainty in the global economic landscape.

"Now the rules have been changed, and we will need to find our way forward on how we can work together to continue to grow Singapore’s economy."

He also discussed the importance of working with like-minded countries to deepen ASEAN integration and to build closer partnerships with various economic blocs such as the EU, GCC, and CPTPP and noted that these groups are expected to come together to explore ways to collaborate more effectively and collectively chart a way forward.

DPM Gan also acknowledged that this marks the beginning of a new global economic landscape — one that requires a long-term perspective. As such, Singapore is undertaking a comprehensive economic strategy review.

The ESR will engage with businesses, workers, and relevant stakeholders to gather feedback and ideas over the next few months. The ESR Committees will publish a report outlining their recommendations by mid-2026.

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