The transformation of the Singapore economy over the past five decades has been impressive, producing rapid economic growth and delivering extraordinary improvements in social welfare. During that period, Singapore has evolved into a developed economy with multiple engines of growth including globally competitive manufacturing clusters, one of the world's pre-eminent financial and transportation centres, and the location for regional or global headquarters of major corporations. Today, the economy remains in generally sound shape. However, the Singapore economy faces significant challenges in coming years, including disruptions caused by new technologies, changing structures of international competitiveness, and growing economic nationalism