SINGAPORE: After around nine months of deliberations, the Economic Strategy Review (ESR) committees on Wednesday (May 13) released its final recommendations – with Deputy Prime Minister Gan Kim Yong stating that it is not simply a response to immediate challenges."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.The five ESR committees, which convened in August last year, have submitted the 32 recommendations to the government following engagements and consultations with trade associations and chambers, unions, businesses and workers.More than 7,700 stakeholders participated in the process.Speaking during the Singapore Business Federation’s Future Economy Conference, Mr Gan said recent disruptions to energy markets, shipping routes, inflation and business confidence are not distant events for Singapore."We are deeply connected to the global economy. That connectivity gives us opportunities, but it also exposes us to volatility," he said.Because Singapore does not have a large domestic market, abundant land or natural resources, the country has never competed on size, said Mr Gan, who is also Minister for Trade and Industry."We cannot try to do everything," he said. Hence, the ESR asks a "fundamental" question of how Singapore should respond to the new global environment, he said.
Economic Strategy Review committees release final recommendations to set direction of Singapore’s future growth
The committees have released 32 recommendations following engagements with over 7,700 stakeholders, including businesses, unions and workers.
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