Report outlines key strategies, including strengthening research and economic integration, upskilling, and sustainability
Singapore’s Deputy Prime Minister Heng Swee Keat launched a new report on the country’s economic transformation at the Future Economy Conference and Company of Good Conference on July 23. The report highlights the nation’s efforts to adapt and strengthen its position among the world’s most competitive economies despite global challenges, including the pandemic.
The four key directions for future growth outlined in the report are:
Strengthening Singapore’s role as a regional hub for international business.
Enhancing integration between research, innovation, enterprise, and economic transformation.
Supporting upskilling through tripartite partnerships among businesses, workers, and government.
Advancing sustainability to meet net-zero targets.
The report also reflects on the significant progress made since 2016, with real value-added growth averaging 2.8% per year and labor productivity growth of 2.1% annually. As a result, the median income of full-time residents has increased by 1.5% annually from 2016 to 2023.
DPM Heng emphasized that digitalisation, artificial intelligence, and biotechnology will be crucial in shaping the future economy. He also stressed the importance of continued partnerships to ensure a resilient workforce and business environment in the coming years.
