What’s new about the Economic Strategy Review update? A spirit of risk-taking
If the government accepts the recommendations and takes on a greater appetite for risk, Singapore must also become more accepting of failure
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[SINGAPORE] At first glance, the initial recommendations under the Economic Strategy Review (ESR) may seem unsurprising. This is far from the first time that we have heard about the importance of being a global hub, innovating, using artificial intelligence, going abroad and lifelong learning.
Yet, several of the seven recommendations do suggest a shift in mindset – one that is required not least by the government itself, if it accepts these recommendations.
This same shift features in one of two objectives set forth by the ESR: to “work harder and smarter, take some risks, and explore innovative and bold solutions” for greater growth. Specifically, the need to “take some risks”.
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