Singapore Plans Economic Review Amid Global Trade, Tech Shifts

Singapore has launched a comprehensive Economic Strategy Review (ESR) to reinforce its position as a key global trade and investment hub amid rising geopolitical tensions and technological disruptions. The review is driven by recent U.S. tariffs imposed by President Donald Trump, which have raised the effective tariff rate on Singapore's exports, notably in steel and aluminium, prompting concerns about slowing economic growth after a recent strong quarter. The ESR comprises five committees, each co-chaired by government ministers and including representatives from the private sector, unions, and academia, tasked with developing long-term strategies across areas such as global competitiveness, technology and innovation, entrepreneurship, human capital, and restructuring impacts. This initiative replaces the previous workstream under the Singapore Economic Resilience Taskforce and aims to produce recommendations by mid-2026, with interim updates expected early next year. Singapore’s authorities emphasize the need to adapt to evolving global trade dynamics and technological change to secure future economic certainty and opportunities for businesses and workers. Meanwhile, the Monetary Authority of Singapore is adopting a cautious stance on policy as trade tensions continue to unfold.