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SINGAPORE: As Singapore charts its economic blueprint amid global uncertainties, it is strategising ways to bring in more high-growth companies, encourage local firms to go overseas and become a global node for flows of data and low-carbon energy.<\/p>\n
These are some of the \u201cbolder moves\u201d and \u201ccalibrated risks\u201d that the government’s Economic Strategy Review team is focusing on to boost economic growth in the years ahead, Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow said on Wednesday (Nov 19).<\/p>\n
Mr Siow, who co-chairs the review’s committee on global competitiveness, also said it hopes to put up a mid-term report around next year\u2019s Budget and receive some funding support.<\/p>\n
“But between now (and then), it doesn’t mean that we’re waiting for the report before we implement these ideas. As we go along, when the ideas make sense, we will roll them out and start to execute,” said Mr Siow.<\/p>\n
The government\u2019s Budget is typically announced in February.<\/p>\n
Official projections state that Singapore’s economy is set to grow by 2 to 3 per cent annually over the next decade. Deputy Prime Minister Gan Kim Yong has said the country should try to take advantage of opportunities and aim higher over the next few years.<\/p>\n
Mr Siow said the review\u2019s mission is to look for strategies to push up GDP growth to \u201cthe higher end of this 2 to 3 per cent range\u201d.<\/p>\n
\u201cIf we are successful, some years hopefully we\u2019ll be able to go faster and higher than trend, maybe 4 per cent in good years. And then overall, over the decade, we will be able to be on the higher end of the range,\u201d he told reporters.<\/p>\n
He added that the \u201cbottomline\u201d objective of economic growth is to create good jobs for Singaporeans.<\/p>\n
Singapore launched a review of its economic strategy in August, amid structural shifts including geopolitical realignments and technological disruptions.<\/p>\n
This is part of the work of the Singapore Economic Resilience Taskforce (SERT), formed in April to deal with the impact of tariffs imposed by the United States.<\/p>\n
The economic strategy review comprises five committees, which will publish a report outlining their recommendations by mid-2026. Each committee is fronted by two political office holders.<\/p>\n
They are tasked to develop longer-term strategies in five areas: strengthening global competitiveness, leveraging technology and innovation, nurturing entrepreneurship, enhancing human capital and managing the impact of restructuring.<\/p>\n
The minister, who is also a member of SERT, was speaking on the sidelines of an engagement with more than 70 business leaders organised with the Singapore Business Federation (SBF) as part of the review. The engagement session was closed to the media.<\/p>\n
The review\u2019s committees have engaged about 3,000 people so far, including business leaders and members of labour and trade associations, said Mr Andrew Kwan, vice-chair of SBF.<\/p>\n<\/div>\n