SINGAPORE — The Singaporean Government has unveiled a new economic strategy aimed at sustaining long-term growth and creating high-quality jobs, as the Southeast Asian nation seeks to stay competitive, and remain relevant in a more fragmented, contested and fast-changing world.

Speaking at the Singapore Business Federation’s Future Economy Conference on May 13, Deputy Prime Minister Gan Kim Yong said the Economic Strategy Review (ESR) Committees have had put forward a series of key recommendations to help the country adapt to a rapidly changing global landscape.

The review identified major challenges, including geopolitical tensions, rapid technological advancements, global shift towards low-carbon economy, and demographic pressures. To address these issues, the ESR Committees outlined three core priorities – sharpening Singapore’s value proposition, enhancing agility and adaptability, and building resilience alongside efficiency.

These are supported by key economic thrusts, including establishing Singapore as a global leader in key growth sectors, positioning Singapore as a hub for artificial intelligence (AI) solutions, reinforcing its role as a trusted business centre, and fostering a more dynamic enterprise ecosystem.

The strategy also places strong emphasis on workforce development, with measures to create more quality jobs, support career transitions, and promote lifelong learning among workers.

The Singaporean Government said it will carefully review the ESR’s recommendations and work closely with partners, trade unions and businesses to implement them. — VNA/VNS