Faced with slowing economic growth and a quickly aging population, Singapore has aimed to pivot towards developing an innovation ecosystem and boosting productivity.
But part of that drive has included changing the measuring sticks for success.
Harish Manwani, a member of the Committee on the Future Economy created by Singapore's government to develop strategies to position the country for future economic trends, said that success just wasn't about growth, it was about inclusive growth.
The aim wasn't just to accelerate gross domestic product (GDP) growth, but to create an economic strategy to make sure the growth was sustainable and benefited all, he said at the DBS Asia Insights conference on Thursday.
That was consistent with a change in how the government measured its performance.