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The Institute of Policy Studies (IPS), as a public policy think tank, convened a forum in January 2002 to identify and analyse some of the major economic issues confronting Singapore and offer possible solutions to overcome them. This forum, called the IPS Forum on Economic Restructuring (IFER), drew its more than 80 members from the private sector, public sector and academia. Their seven-month long deliberations are contained in this IFER report which is a culmination of their own knowledge and experience, gathered over many years in their respective fields of expertise.