Committee to assess Singapore’s economic outlook for 2016

Author: PM editorial | Date: 22 Dec 2015

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A brand new Committee on the Future Economy (CFE) will focus on five areas crucial to Singapore’s development, the government announced on Monday, in news that demonstrates the high-level nature of discussions about the country’s economic future.
Building on the Report of the Economic Strategies Committee (ESC) of 2010, the committee will take new global and domestic realities into account as it evaluates Singapore’s economic outlook for 2016.
The CFE aims to provide Singapore with a strategy to maximise its potential as a global economic hub. The first of the five focus areas is future growth industries and markets. The panel will evaluate ways for regional organisations to take on global opportunities.
“For a small, open country like Singapore to remain competitive, it is imperative that we hone our competitive advantage in industries that will drive the global economy of the future,” said Mr S Iswaran, deputy chair of the committee.
The CFE will be analysing corporate capabilities and innovation, suggesting newer, flexible business models and innovative strategy for organisations. It will also conduct a reassessment of Singapore’s labour force demographic, and recommend strategies to create fresh jobs and re-equip Singaporeans with the skillsets to match the future economy. The committee will consider the changing nature of business as the war for local talent intensifies and technology becomes more central to organisations’ strategies.
“The CFE comes at an important juncture for Singapore and Singaporeans,” said the committee chair Heng Swee Keat, Singapore’s minister for finance.
“Our businesses and workers are facing difficult adjustments in the face of slower global growth and rising costs – but we have many significant strengths, such as a resourceful people, trusted across the globe; nimble businesses, oriented towards the global markets; a stable political system, enjoying broad support. We must build on our strengths, to overcome immediate challenges and seize the many exciting opportunities to move towards a value creation economy.”
The CFE comprises 30 members from diverse backgrounds: including leaders of organisations in the public and private sectors, and regional and global industries. Members of the public will also be invited to share their views through various panels. It aims to complete its review by the end of 2016.