Singapore 2040: Vision for Quality and Inclusive Growth

This document is a research report that outlines Singapore's economic outlook and strategic vision for 2040, coinciding with its 75th anniversary of independence. It discusses the projected growth of Singapore's GDP, expected to more than double from USD547 billion in 2024 to between USD1.2 trillion and USD1.4 trillion by 2040. The report identifies three critical pillars of growth: capital accumulation, human capital, and productivity gains, with services expected to contribute significantly to economic value. It also highlights the anticipated performance of the Straits Times Index (STI) and the potential for the Singapore dollar to reach parity with the US dollar. The report addresses risks such as global volatility and competition while emphasizing Singapore's resilience and adaptability. Additionally, it outlines key sectors driving future growth, including trade, financial services, and energy, and discusses the importance of reskilling the workforce for the Gen-AI era. Overall, the report presents a comprehensive view of Singapore's strategic direction towards sustainable economic development.