Other BriefingsSingapore Forms Taskforce to Safeguard Economic Growth
Singapore has launched the Economic Resilience Taskforce (SERT) to address growing uncertainties stemming from recent U.S. tariffs and shifting trade dynamics. Announced by Prime Minister Lawrence Wong on April 8, 2025, and chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the task force brings together government leaders, business representatives, and labor unions to provide immediate support and build long-term economic resilience.
The initiative comes as Singapore's 2025 GDP forecast was downgraded to between zero and two percent by the Ministry of Trade and Industry, reflecting concerns over external trade risks and potential disruptions to key sectors.
Structured collaboration across key areas
SERT operates through three main focus areas. The first, led by Minister Josephine Teo and Mark Lee, focuses on real-time data gathering and business engagement. This ensures the government remains responsive to developments and aligned with industry needs.
The second workstream, overseen by Minister Tan See Leng and leaders from NTUC and SNEF, is aimed at helping businesses and workers adapt to immediate challenges. This includes refining support schemes and encouraging flexible workforce strategies to preserve employment and enterprise continuity.
The third stream, led by Ministers Desmond Lee and Chee Hong Tat, takes a longer-term perspective. It seeks to strengthen Singapore’s position as a global hub by exploring new growth markets, boosting competitiveness, and supporting transformation in key industries.
Strengthening Singapore’s trade and economic foundations
SERT exemplifies Singapore’s longstanding approach of transparent and coordinated policymaking. As other economies struggle with fragmented responses to global shocks, Singapore’s cohesive strategy demonstrates clarity of direction and institutional readiness.
While global trade faces new uncertainties, Singapore continues to prioritize high-value activities, digital transformation, and strategic partnerships. SERT enhances these efforts by ensuring that the nation can respond to shocks while advancing toward a more resilient and future-ready economy.
Reaffirming investor confidence in Singapore
The formation of SERT is expected to reassure foreign investors. In 2024, U.S. foreign direct investment in Singapore maintained strong momentum. By the end of 2023, total U.S. FDI stock reached approximately US$424.2 billion, with US$43.6 billion in new inflows during the year. These figures highlight Singapore’s status as a key destination for investment, particularly in sectors like manufacturing, technology, and finance.
Total trade between Singapore and the United States reached SG$ 132.0 billion in 2024, although recent tariff measures have added friction to this relationship. Despite these challenges, Singapore’s calm and strategic response positions it as a stable partner for global investors looking for continuity and leadership amid global uncertainty.
Launch timing ahead of Singapore’s general election
The timing of SERT’s launch is also politically significant. With Singapore’s general election scheduled for May 3, 2025, this is the first electoral test for Prime Minister Lawrence Wong following his succession of Lee Hsien Loong. The People’s Action Party (PAP) will likely frame SERT as a demonstration of its continued capacity to govern effectively during complex economic transitions.
The taskforce not only addresses immediate challenges but also signals that Singapore’s leadership remains committed to stability and long-term prosperity, both critical factors for domestic stakeholders and global investors alike.
Long-term vision and strategic assurance
SERT reflects Singapore’s continued focus on stability, foresight, and adaptability. Rather than reacting passively to global headwinds, the government is actively shaping the conditions for future growth. The taskforce strengthens Singapore’s ability to attract investment, foster innovation, and remain competitive in a rapidly evolving global economy.
For international businesses and investors, SERT serves as a clear indicator of Singapore’s readiness, not just to weather disruption, but to lead through it.
