SINGAPORE (Reuters) -Singapore is launching a broad review to secure the city-state’s future as a trade and financial hub, announcing committees on Monday to look into areas such as competitiveness, artificial intelligence, and how restructuring would affect people.
The economic strategy review will have five committees, each chaired by two government ministers and including members from the business, academic and social sectors, and they are due to publish their recommendations by mid-2026.
“We must reinforce Singapore’s competitive positioning as a key hub for trade and investment and remain relevant to the global economy,” Deputy Prime Minister and Trade Minister Gan Kim Yong said at a press conference.
The review comes as U.S. tariffs and global trade tensions threaten the Southeast Asian nation’s growth, where trade is three times the size of its gross domestic product.
Singapore’s exports to the U.S. remain subject to a 10% baseline tariff after U.S. President Donald Trump set new tariffs for dozens of countries, but authorities are still waiting for clarity on proposed sector-specific tariffs in areas such as pharmaceuticals.
Last week, the central bank said the effective U.S. tariff rate on Singapore’s exports rose to 7.8% in July from 6.8% in April on the back of steel and aluminium tariff hikes.
The Monetary Authority of Singapore held its policy settings steady last week, adopting a wait-and-see approach to trade tensions after easing at its previous two reviews this year.
While the economy grew at a better-than-expected annual rate of 4.3% in the second quarter, according to preliminary data, authorities have warned that growth is likely to slow as the impact of frontloading of orders to beat the U.S. tariffs tapers off.
(Reporting by Jun Yuan Yong; Editing by John MAir)
