Staying relevant to the world

WE have done economic reviews before. At every phase of our development, we build on existing strengths, grow new capabilities, and move away from activities that are no longer viable. The Economic Review Committee (ERC) in 2003 and Economic Strategies Committee (ESC) in 2010 were convened after major crises.

But if you look at the CFE, it was not started because of some major crisis. Rather, it is our effort to position ourselves for the medium term. At the same time, we recognise that some sectors are facing difficulties right now. We will address some of these immediate issues during the Budget.

There are a couple of notable features about the CFE. First, the goal that we started with is to take a medium-term assessment of our challenges and opportunities. Secondly, there has been an unprecedented level of change. Last year, we saw the mood towards globalisation turning darker. The pace of change has also been hastened by technological breakthroughs. The effects of these changes on our people and companies will continue to play out for a long time. What do these changes mean for us?