Dr Tan said geopolitical tensions and economic fragmentation are reshaping trade and investment, while technology is transforming businesses and jobs.
Singapore has built a valuable foundation but must evolve as the world changes, he said.
To this end, Singapore launched the Economic Strategy Review, which published its final report in June.
It seeks to strengthen Singapore’s value proposition, enhance its agility and adaptability, and build resilience along with efficiency.
“But getting us there will require us to make difficult choices under all of these uncertainties,” Dr Tan said.
Singapore must also become better at making choices as decisions become harder and trade-offs become more stark, he said.
“Where should we place our bets? When should the government intervene? When should markets be allowed to develop and operate freely?” he asked, adding that Singapore also has to weigh how much to pay for greater resilience and whether to change course when conditions change.
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