Singapore’s roadmap for economic growth revealed

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A top-level advisory panel to the government of Singapore last week proposed a 10-year strategy aimed at ensuring annual economic growth of 2-3 per cent, mainly centered on trade partnerships, deepening the workforce’s tech skills and digitalising the economy.

The committee grouped seven wide-ranging, “mutually-reinforcing” strategies to help grow the economy; urging Singapore to:

  • deepen and diversify its international connections;
  • acquire and utilise deep skills;
  • strengthen enterprise capabilities to innovate and scale up;
  • build strong digital capabilities;
  • develop a vibrant and connected city of opportunity;
  • develop and implement Industry Transformation Maps
  • enter into partnerships to enable growth and innovation.

It also recommended a review of Singapore’s tax system so that it remains pro-growth and competitive, while also “broad-based, progressive and fair” to adjust to an ageing society but it did not go into details over how that should be shaped.

“Over the next decade, our collective efforts should enable us to grow by 2-3 per cent per year on average, exceeding the performance of most advanced economies,” the Committee on the Future Economy said in its report.

In 2016, Singapore’s economy grew 1.8 percent, its lowest pace of growth since 2009, when the global financial crisis sent international trade plummeting, indicating that is was indeed time for reform.

Acknowledging a shift in globalisation, the committee also hopes that Singapore can use its 2018 chairmanship of the ASEAN regional bloc to push for economic integration in the region, but it also wants more Singaporeans to acquire deeper knowledge of regional markets.

Prime Minister Lee Hsien Loong said that the government accepted the proposed strategies and would pursue all of them. Finance Minister Heng Swee Keat will provide a response during the 2017 budget speech, due on February 20.

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Reading Time: 1 minute

A top-level advisory panel to the government of Singapore last week proposed a 10-year strategy aimed at ensuring annual economic growth of 2-3 per cent, mainly centered on trade partnerships, deepening the workforce’s tech skills and digitalising the economy.

Reading Time: 1 minute

A top-level advisory panel to the government of Singapore last week proposed a 10-year strategy aimed at ensuring annual economic growth of 2-3 per cent, mainly centered on trade partnerships, deepening the workforce’s tech skills and digitalising the economy.

The committee grouped seven wide-ranging, “mutually-reinforcing” strategies to help grow the economy; urging Singapore to:

  • deepen and diversify its international connections;
  • acquire and utilise deep skills;
  • strengthen enterprise capabilities to innovate and scale up;
  • build strong digital capabilities;
  • develop a vibrant and connected city of opportunity;
  • develop and implement Industry Transformation Maps
  • enter into partnerships to enable growth and innovation.

It also recommended a review of Singapore’s tax system so that it remains pro-growth and competitive, while also “broad-based, progressive and fair” to adjust to an ageing society but it did not go into details over how that should be shaped.

“Over the next decade, our collective efforts should enable us to grow by 2-3 per cent per year on average, exceeding the performance of most advanced economies,” the Committee on the Future Economy said in its report.

In 2016, Singapore’s economy grew 1.8 percent, its lowest pace of growth since 2009, when the global financial crisis sent international trade plummeting, indicating that is was indeed time for reform.

Acknowledging a shift in globalisation, the committee also hopes that Singapore can use its 2018 chairmanship of the ASEAN regional bloc to push for economic integration in the region, but it also wants more Singaporeans to acquire deeper knowledge of regional markets.

Prime Minister Lee Hsien Loong said that the government accepted the proposed strategies and would pursue all of them. Finance Minister Heng Swee Keat will provide a response during the 2017 budget speech, due on February 20.

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