The Committee on the Future Economy (CFE) was convened in January 2016 to develop economic strategies for the next decade. Over 9,000 stakeholders, including trade associations and chambers (TACs), public agencies, unions, companies, executives, workers, academics, educators and students were consulted in this process.
The CFE’s work builds on the 2010 Report of the Economic Strategies Committee (ESC). Since the ESC, there have been significant structural shifts in the world - global growth has been subdued, global productivity growth has been sluggish and global value chains are also changing. We are in an era of rapid technological change where innovation cycles have shortened.
Despite the challenging global environment we face today, there are many opportunities for Singapore. There is strong market potential in many Asian markets and other emerging markets. Singapore is also well-poised to tap into several growth sectors. For example, the rise of the middle-class and urbanisation in Asia will increase demand for finance, hub services, logistics, as well as urban solutions. The digital economy also presents opportunities to transform industries, while new technologies can help to raise productivity in sectors like advanced manufacturing.