Singapore on Wednesday set out a new economic strategy aimed at securing long-term growth and creating better jobs, as the government seeks to strengthen the city-state’s competitiveness amid rising geopolitical tensions, economic uncertainty, and slowing workforce growth, News.Az reports, citing Xinhua.

Speaking at the Future Economy Conference organized by the Singapore Business Federation, Deputy Prime Minister Gan Kim Yong said the Economic Strategy Review (ESR) Committees had submitted a series of recommendations to help Singapore navigate a rapidly changing global environment.

The review identified growing geopolitical tensions, rapid technological advances, the global transition to a low-carbon economy, and demographic pressures as major challenges with significant implications for growth and employment.

To address these challenges, the ESR Committees proposed three key imperatives: sharpening Singapore’s value proposition, enhancing agility and adaptability, and building resilience alongside efficiency.

The strategy is supported by eight economic thrusts, including building global leadership in key sectors, positioning Singapore as a global leader in artificial intelligence (AI) solutions, strengthening its role as a trusted business hub, and fostering a more dynamic enterprise ecosystem.

The recommendations also placed strong emphasis on workforce development, including creating a broader range of quality jobs, strengthening support for career transitions, and encouraging lifelong learning among workers.

The government said it will study the ESR recommendations and work together with industry partners, unions, business leaders, and workers to translate these recommendations into action.

“ESR 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,” Gan said.

Since its formation in August 2025, the ESR Committees have conducted more than 80 engagements involving over 7,700 stakeholders, including businesses, trade associations, unions, and workers.

News.Az 

By Nijat Babayev