S'pore govt to embark on economic strategy review, to publish recommendations by mid-2026

The Singapore government will be embarking on an economic strategy review to help strengthen Singapore's economic relevance amidst global headwinds, said Deputy Prime Minister Gan Kim Yong.

Gan announced the economic strategy review at a press conference on Aug. 4, in the wake of the confirmation of the 10 per cent U.S. tariff rate on Singapore.

New team in taskforce to lead economic strategy review

Gan, who also chairs the Singapore Economic Resilience Taskforce (SERT), said that the Economic Strategy Review (ESR) would be conducted by five new committees, and replace the SERT's third workstream.

The workstream, previously announced in April, looks at developing longer-term strategies and responses to help businesses and workers navigate the immediate uncertainties arising from the US tariffs and related global developments.

It was previously headed by then-Minister for National Development Desmond Lee and then-Minister for Transport Chee Hong Tat, who remains in the SERT as the current Minister for National Development.

The other two workstreams of the SERT taskforce will continue to serve their functions.

Who's in the committees?

The ESR committees will be co-chaired by political office-holders and comprise members of the private sector, unions and other relevant stakeholders.

The committees will focus on five key focal areas:

• Global competitiveness (co-chaired by Acting Minister for Transport and Senior Minister of State for Finance Jeffrey Siow, and Senior of Minister of State for Trade and Industry and Culture, Community and Youth Low Yen Ling)

• Technology and innovation (co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau, and Senior Parliamentary Secretary for Culture Community and Youth and Sustainability and the Environment Goh Hanyan)

• Entrepreneurship (co-chaired by Minister of State for Trade and Industry and National Development Alvin Tan, and Minister of State for Culture, Community and Youth and Manpower Dinesh Vasu Dash)

• Human capital (co-chaired by Acting Minister for Culture, Community and Youth and Senior Minister of State for Education David Neo, and Senior Minister of State for Manpower and Health Koh Poh Koon)

• Managing impact of restructuring (co-chaired by Minister of State for Home Affairs and Social and Family Development Goh Pei Ming, and Minister of State for Defence and National Trades Union Congress deputy secretary-general Desmond Choo)

Six out of the 10 co-chairs are new political office-holders: Jeffrey Siow, Jasmin Lau, Goh Hanyan, Dinesh Vasu Dash, David Neo and Goh Pei Ming.

On the composition of the committees, Gan said this allows for junior office-holders to contribute fresh perspectives on the issues at hand, while having the benefit of experience, as well as input from private sector leaders.

The ESR committees will report to and receive guidance from the political office-holders on SERT, including Chee, who remains on the taskforce, said Gan.

To publish key recommendations by mid-2026

Gan said that the government intends to provide an update on the work of the five committees by early 2026.

It intends to publish a final report on their work, along with their key recommendations, by the middle of 2026.

In light of the most recent tariff announcements, there remain "significant uncertainties", Gan noted.

For instance, U.S. negotiations with key countries such as China and India are still ongoing, and details on how U.S. tariffs will be implemented are still yet to be confirmed.

Gan also noted that the U.S. has yet to announce further sectoral tariffs, such as on semi-conductors and the aerospace industry.

Gan said that the Singapore government intends to continue engaging with the U.S. administration on these measures.

For instance, the Singapore government is currently in discussion with the U.S. for tariff concessions on its pharmaceutical exports to the U.S.

When asked by reporters on the potential tariff concessions, Gan said, "I can't share the details, because discussions are still ongoing, but this is something that is part of the agenda".

Gan added that the government will also step up its engagements with businesses to assess the impact of these latest developments on them,.

Noting that a S$100,000 business adaptation grant will be rolled out to help eligible enterprises by October, Gan added that the government will be working with the Singapore Business Federation to study additional measures to support businesses.

"We will also monitor closely the impact of these developments on our workers, and work with the Singapore National Employers Federation (SNEF) and NTUC to step up our support where needed.

Top image by Azrizal/Mothership