Singapore’s Economic Strategy Review released 32 final recommendations on Tuesday in eight thrusts, calling for bold bets on new and emerging growth areas and for policies that keep workers employed and paid as AI spreads. [1, 2]
The review said Singapore should be prepared to back new sectors even if some investments fail, with the ESR secretariat saying, “Not every investment will succeed, but we must persist - because the cost of inaction and missed opportunities will be far greater over time.” [2]
It also urged the city-state to deepen strengths in existing industries, move up the value chain and refresh investment promotion so it can attract cutting-edge activity. Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow said, “The aim is simple. We don’t just want to be in the supply chain. We want to be the part of the supply chain nobody can afford to take out.” [2]
The recommendations also focus on workers. They call for career bridges and earlier retrenchment support to help people move between jobs. They also push for modular and stackable learning pathways so workers can build skills while staying employed. [1]
Another thrust aims to raise the quality, productivity and wages of jobs that are less exposed to AI disruption. The review said Singapore should strengthen its role as a connected and reliable hub by linking physical infrastructure with digital and AI-enabled systems. [1, 3]
The review pointed to quantum technology and space as examples of new fields Singapore should pursue, though the report also framed the broader push around emerging areas of growth. [3]
The recommendations were released and discussed on Tuesday at the Singapore Business Federation’s Future Economy Conference, where the review was presented as part of the government’s push to steer the economy into new areas while protecting workers in transition. [1, 3]
