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Staying Nimble and Adaptable to Change

To prosper, Singapore must remain open to the world

Last updated 6 October 2025
Image of Singapore's CBD skyline

Image: Ministry of Trade and Industry Singapore

An excerpt from the report of the Committee on the Future Economy, February 2017
Illustration of autonomous vehicles

Image: GovTech Singapore

Case study

Agritech in Singapore

Transforming our Industries

Launch of the Real Estate Industry Transformation Map

Image: Launch of the Real Estate Industry Transformation Map; JTC Corporation via Council for Estate Agencies

Industry Transformation Maps (ITM)

The New Normal

Some industries will be disrupted permanently. Companies will have to change their business models to survive. Some jobs will simply disappear. Workers in these industries will have to re-skill themselves, to take up jobs in new sectors.
PM Lee Hsien Loong
Portrait of Lee Hsien Loong
But there will also be new opportunities, and new jobs created too [...] During the circuit breaker, people have adjusted. We have learnt to telecommute and work with others virtually. Students are getting used to online learning. And more people are buying things online and making e-payments.
PM Lee Hsien Loong
The recent decades were an exceptional period. China’s economy was growing exponentially, and exporting more and more goods at highly competitive prices all over the world…This era is now over.
PM Lee Hsien Loong
Some countries have raised tariffs against each other, particularly between the US and China. Countries are also relooking at their supply chains to prioritise resilience and self-sufficiency.
PM Lee Hsien Loong

Conclusion

I say these are our capabilities, this is the competition that we face and given what we have, we can still make a good living provided we are realistic.
Mr Lee Kuan Yew in the book, "Hard Truths", 2011
Portrait of Mr Lee Kuan Yew
Image of Singapore skyline

Image: Gov.sg