Dr Tan mentioned geopolitical tensions and financial fragmentation are reshaping commerce and funding, whereas expertise is reworking companies and jobs.
Singapore has constructed a precious basis however should evolve because the world adjustments, he mentioned.
To this finish, Singapore launched the Financial Technique Evaluate, which revealed its last report in June.
It seeks to strengthen Singapore’s worth proposition, improve its agility and flexibility, and construct resilience together with effectivity.
“However getting us there would require us to make tough decisions beneath all of those uncertainties,” Dr Tan mentioned.
Singapore should additionally develop into higher at making decisions as selections develop into tougher and trade-offs develop into extra stark, he mentioned.
“The place ought to we place our bets? When ought to the federal government intervene? When ought to markets be allowed to develop and function freely?” he requested, including that Singapore additionally has to weigh how a lot to pay for higher resilience and whether or not to vary course when situations change.
“Addressing these questions requires analytical self-discipline, it requires proof, it requires sound judgment,” he mentioned.
WESTERN ISLAND
Throughout the dialogue session, a scholar requested concerning the cost-benefit evaluation that the federal government needed to do concerning plans to merge a number of western islands to create space for a new era of industries.
He famous that media reviews talked about coral reefs within the space being greater than 8,000 years outdated.
In response, Dr Tan mentioned Singapore will conduct detailed environmental research earlier than starting any work within the space.
“Our heritage, our reefs, our surroundings – it’s not one thing that we are going to compromise,” he mentioned.
On the identical time, Singapore wants area for its airports and marine ports to proceed to develop, so there are each aspirations and constraints.
Making area on the mainland would even have a excessive price, as present buildings might must be torn right down to make method for brand new ones.
“You additionally must preserve the identical, if no more, greenery right here,” he mentioned, pointing to latest discussions over Maju Forest for instance of competing wants in Singapore.
Particularly for the potential new western island, Dr Tan famous that there was hypothesis that it will likely be used for nuclear energy vegetation.
He mentioned the federal government has not decided, and famous that expertise is consistently advancing.
“If I’ve cracked the code on geothermal, I could not even have to construct that many of those additional amenities on reclaimed islands,” he mentioned.
“There are various, many unsure growth timelines, new expertise that’s developing, that in the present day, we’re nonetheless exploring.”