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Singapore's Economic Strategy Review Final Report

What It Means for Singapore

Last updated 14 May 2026

What is the Economic Strategy Review (ESR), and why is it important?

The Economic Strategy Review (ESR) is Singapore's strategic plan to secure growth and create good jobs in a rapidly changing world. The ESR Final Report sets out how Singapore should respond, adapt and seize the opportunities ahead by charting out recommendations guided by three strategic imperatives and eight concrete thrusts.

In a fast-changing world, what will Singapore consider to stay ahead?

Three strategic imperatives form the backbone of the ESR:

  1. Our value proposition: What is Singapore best at, and how will Singapore stay ahead?

Singapore cannot win on size. We must sharpen our value proposition — doubling down on what we do better than anyone else and staking out new ground before others do.

  1. Agility and adaptability: Is Singapore nimble enough to keep up?

Businesses, workers and government alike need to move faster, adapt more readily and be willing to try new things.

  1. Resilience: What happens when things are beyond our control?

Disruptions from geopolitics and supply chain shocks are no longer rare events. Singapore must build resilience alongside efficiency — so we can bounce back quickly.

For Workers: What will this mean for my job and career?

The ESR's approach to workers is built around three goals: creating more and a broader range of good jobs, building a stronger support system for career setbacks and transitions, and empowering workers to learn for life and take charge of their careers.

For Workers: What will this mean for my job and career?

Workers’ Concerns

Singapore’s Action Plan

Goal 1: Ensure growth creates quality jobs as AI reshapes the workforce

How will Singapore ensure good jobs as we enter the AI era?

  1. Support Singaporeans to enter growth sectors through mentorship and career pathways

  2. Advance AI adoption that complements rather than replaces workers

  3. Make jobs in AI-resilient sectors like early childhood and allied health more attractive

  4. Strengthen entrepreneurship as a viable career path

Goal 2: Provide earlier, more integrated support before disruption hits

How will Singapore support workers who lose their jobs or need to switch careers?

  1. Create "career bridges" combining training, guidance and job matching for at-risk workers

  2. Provide earlier retrenchment notification so workers can get help sooner

  3. Improve support schemes for Professionals, Managers and Executives (PMEs)

  4. Monitor the impact of AI on workers and adjust policies for workers where needed

Goal 3: Make lifelong learning more accessible and tied to real work

How will Singapore ensure workers’ skills remain relevant?

  1. Deepen SkillsFuture support and funding for modular courses taken while employed

  2. Formally recognise on-the-job training as part of qualifications

  3. Focus on AI literacy, human skills and global exposure

  4. Launch the new Skills and Workforce Development Agency (SWDA) as a one-stop career and employment support centre

For Businesses: What does ESR mean for my organisation?

For Businesses: What does ESR mean for my organisation?

Businesses’ Concerns

Singapore’s Action Plan

Goal 1: Deepen capabilities and invest in emerging areas

How does Singapore plan to stay competitive and grow new industries?

  1. Attract and anchor leading industries

  2. Accelerate firms’ operational transformations to be best-in-class

  3. Embed investments firmly into our ecosystem

  4. Invest in emerging technologies like quantum and space

  5. Expand into trust-based services like cybersecurity and AI governance

Goal 2: Position Singapore as a trusted hub for AI solutions

How will Singapore leverage AI to build an economic advantage?

  1. Make Singapore a choice location for AI companies and talent

  2. Support leading firms to transform operations using AI

  3. Help SMEs adopt AI

Goal 3: Move from a pass-through hub to one that orchestrates global flows  

How will Singapore stay relevant as a global hub?

  1. Expand and upgrade our ports and airports

  2. Capture more value from facilitating flows

  3. Build leadership in cross-border data flows

  4. Develop capabilities in new energy areas like hydrogen and sustainable aviation fuels

Goal 4: Make it easier to start, grow, go global and restructure

How will Singapore support businesses to start, grow and go global?

  1. Expand access to growth capital and strengthen support for startups

  2. Procure and support new high-potential companies

  3. Strengthen support for Singapore-based firms to internationalise

  4. Support firms to restructure and transition more smoothly

Goal 5: Build resilience at both national and enterprise level

How will businesses in Singapore be protected from global shocks and events?

  1. Diversify energy supply sources and build strategic reserves

  2. Prepare for a low-carbon and climate-resilient future

  3. Support firms to reduce supply chain vulnerabilities

  4. Expand trusted trade partnerships to keep essential goods flowing

What happens after the release of the ESR final report?

The eight thrusts work together as one strategy and every recommendation comes back to one vision: a Singapore that stays competitive and resilient in a changed world, and one that continues to create good jobs and opportunities for our people. 

The task ahead is to translate these directions into action. This will require close partnership between Government, businesses, unions and workers. If we act together, with focus and discipline, Singapore can continue to grow, create good jobs, and remain competitive in a changed world.