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A year in the making, the CFE report was produced by a 30-strong committee comprised of government ministers, senior company executives, and union representatives, and facilitated by sub-committees and working groups. Its recommendations were delivered in the form of seven strategies. These take into account challenges to the economy and craft a way forward for Singapore to build on its previous successes and some existing initiatives.
With Singapore moving into the realm of a developed rather than a developing economy, the years of 5 percent or more GDP annual growth rates are clearly a thing of the past. The Committee on the Future Economy believes that adoption of its recommended strategies will enable average annual growth of 2 to 3 percent for the country.
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Keywords: Singapore, Committee on the Future Economy, CFE, ARC Advisory Group.