Recommendations and Strategies by the Economic Strategies Committee

The Economic Strategies Committee (ESC) has completed its work and has submitted the report of its key recommendations to the Prime Minister. The report is released today and can be downloaded at the ESC website.

The ESC was formed in May 2009 to:

develop strategies for Singapore to build capabilities and maximise opportunities as a global city in a new world environment, so as to achieve sustained and inclusive growth.

The ESC is chaired by Tharman Shanmugaratnam, Minister for Finance, and comprises members from the government, the labour movement, the private sector as well as academia.

Key Recommendations:

We must achieve higher productivity growth of 2 to 3 percent per year, enabling our GDP to grow on average by 3 to 5 percent per year over the next decade.

Increased productivity is not achieved merely through increased efficiency, but restructuring our economy to provide more room for rapidly growing and innovative enterprises.

7 Key Strategies:

1. Growing through skills and innovation
2. Anchor Singapore as a Global-Asia Hub
3. Build a Vibrant and Diverse Corporate Ecosystem
4. Make Innovation Pervasive, and Strengthen Commercialisation of R&D
5. Become a Smart Energy Economy
6. Enhance Land Productivity to Secure Future Growth
7. Build a Distinctive Global City and an Endearing Home

Here’s the ESC’s recommendations on Smart Energy Economy in the report: Read more