Evolving domestic and global circumstances create new challenges for Singapore. Workforce growth is slowing down due to an ageing population and low birth rates. Industries and jobs are changing rapidly due to an abundance of new, disruptive technologies and shortened innovation cycles. Beyond the border of the city-state, unexpected changes in the global order may portend significant geopolitical and economic discontinuities. In providing public goods and targeted supports for vulnerable groups, the government has limited resources and sometimes needs to face difficult trade-offs. Sustainable development is thus imperative and requires factoring in the domestic and global challenges we collectively face. Each decision has the potential to enhance—or compromise—the well-being and security of future generations.

How can we build a future-proof Singapore where all stakeholders and the nation as a whole cope with new challenges and achieve success and prosperity in a rapidly changing world? We propose an economic approach to evaluate the effectiveness of up-to-date policies, aiming to contribute to understanding in academic community and policy circles in Singapore and beyond. Our research seeks to provide a useful reference for designing and improving policies to promote the economic resilience of individuals, families, and our nation.